Exam 54: International and World Trade Law

The World Trade Organization (WTO) panel adopts a panel report and issues remedies if a violation is found.

The International Monetary Fund is an autonomous agency that is a part of the United Nations (UN).

The European Union Commission has negligible authority to enact legislations and take enforcement actions compared to the European Union (EU).

The ________ is an international organization created by a multilateral treaty in 1945 to promote social and economic cooperation among nations and to protect human rights.

The Organization of the Petroleum Exporting Countries (OPEC) sets quotas on the output of oil production by its individual member nations.

The ________ is a body that hears cases that nations refer to it as well as cases involving treaties and the United Nations (UN) Charter.

Explain the Treaty Clause of the U.S. Constitution.

An agreement between two or more nations that is formally signed by an authorized representative of each nation and ratified by each nation is known as a(n) ________.

A choice of law clause is a mandatory clause that should be present in every international contract.

If a state enacts a law that increases its tax on imported automobiles but not on American-made automobiles, the tax violates the ________ of the U.S. Constitution.

The Islamic law (or Shari'a) encourages levying interest on loans.

The canons of Christian faiths provide rules for believers to follow in living their lives and professing their faith.

The U.S. Constitution divides the power to regulate foreign affairs equally between the federal and state governments.

The ________ prescribes comprehensive and integrated rules of religious, political, and legal life that together form Jewish thought.

The United Nations is charged to take enforcement actions to ensure member compliance with the European Union.

Under the European Union, customs duties have been eliminated among member nations.

________ is a clause in an international contract that designates which nation's court has jurisdiction to hear a case arising out of the contract.

________ is a clause in an international contract that designates which nation's laws will be applied in deciding a dispute arising out of the contract.

What are the implications of the North American Free Trade Agreement (NAFTA) treaty?

A nation can seek redress on behalf of an individual or a business that has a claim against another country in the International Court of Justice.