Question 1

The law governing the acquisition of territory and the settlement of disputes among nations is public international law.

Accepted Answer

A) True 
 B)False  True

Question 2

The primary goal of the North American Free Trade Agreement (NAFTA)was to

Accepted Answer

A)  allow Canada, the United States, and Mexico to compete as a common economic entity against other countries in the world.
B)  allow for the free and unrestricted movement of people from one country to another to improve the labor market of all three counties.
C)  eliminate almost all trade barriers between the three nations.
D)  establish a common set of tariffs and trade restrictions for external countries. C

Question 3

The European Union has adopted a currency known as the

Accepted Answer

A)  Yuri.
B)  Common Union.
C)  Yen.
D)  Euro. D

Question 4

What is a major argument by the United States against the GATT Treaty?

Accepted Answer

A)  The United States competes against countries with unlimited pools of exploited labor.
B)  The treaty limits free trade based on its "most favored nation" requirement.
C)  The United States cannot apply the same taxes on imported goods that it applies to its domestic goods.
D)  The treaty does not provide any means for settling trade disputes between its member states.

Question 5

Extraterritoriality can be defined as

Accepted Answer

A)  the power of one nation to create trade restrictions that involve other countries.
B)  the power to regulate tariffs in foreign nations as provided for by GATT.
C)  the power of one nation to impose its laws in other countries.
D)  the power of a company to extend its subsidiaries overseas without abiding by trade laws.

Question 6

Which of the following statements best describes common law?

Accepted Answer

A)  Common law is law that is the same or similar in all states.
B)  Common law is derived from statutes and codes made by legislatures.
C)  Common law is based on Justinian and Napoleonic codes.
D)  Common law requires judges to base their decisions on prior cases.

Question 7

The International Court of Justice (ICJ)has not been an important force in resolving international business disputes.In fact,in its seven-decade history,the ICJ has heard fewer than 200 cases.Which of the following statements regarding the ICJ is NOT true?

Accepted Answer

A)  Only states can be a party to litigation before the ICJ.
B)  The ICJ only has jurisdiction over states that have agreed to be bound by its decisions.
C)  The ICJ has no enforcement power.
D)  The U.S. has agreed to abide by ICJ jurisdiction in all cases.

Question 8

The doctrine of stare decisis is fundamental to

Accepted Answer

A)  civil law.
B)  common law.
C)  Islamic law.
D)  customary international law.

Question 9

Law governing relations among governments and international organizations is referred to as _______,while law that applies to private parties in international commercial and legal transactions is referred to as _______.

Accepted Answer

A)  private international law; public international law
B)  public international law; private international law
C)  sovereign international law; statutory international law
D)  statutory international law; sovereign international law

Question 10

NAFTA is a trade agreement between the United States,Canada and Mexico.

Accepted Answer

A) True 
 B)False

Question 11

One of the reasons the International Court of Justice (ICJ)is so vital to the resolution of international business disputes is that all parties are bound by the ICJ's decisions.Because of this,the Court has vast enforcement power.

Accepted Answer

A) True 
 B)False

Question 12

The United States and Argentina have signed the Convention on Contracts for the International Sale of Goods (CISG).Oxtron,Inc.,a U.S.company,and Leer,an Argentinean company,have entered into a contract under which Oxtron is to ship medical devices to Leer.The contract does not include a choice of law provision.The contract will be governed by

Accepted Answer

A)  the CISG.
B)  the ICC.
C)  the domestic contract law of Argentina.
D)  the domestic contract law of the United States.

Question 13

The Foreign Sovereign Immunities Act (FSIA)provides that American courts generally cannot hear suits against foreign governments.Describe the three possible exceptions to this rule.

Accepted Answer

The answer of The Foreign Sovereign Immunities Act (FSIA)provides that...

Question 14

Which principle of Islamic law prohibits any contract gain that is not clearly outlined at the time of contract,especially when it involves risk and deception?

Accepted Answer

A)  gharar
B)  ijtihad
C)  shari'a
D)  jus cogens

Question 15

Historically,many countries had dissimilar and confusing intellectual property rules covering copyrights,trademarks,and patents.Which of the following served to clarify and harmonize the trade related aspects of intellectual property?

Accepted Answer

A)  GATT
B)  NAFTA
C)  CISG
D)  TRIPs

Question 16

If a foreign government hires an American consulting firm to help the country's textile industry improve production operations, the contract is commercial, and if the foreign government refuses to pay, the consulting firm may sue the government in American courts.

Accepted Answer

A) True 
 B)False

Question 17

The Uniform Money Judgments Recognition Act provides that U.S.courts will recognize foreign judgments provided certain conditions are met.Which of the following is NOT one of those conditions?

Accepted Answer

A)  The defendant was given notice and an opportunity to appear.
B)  The award was based on a full and fair trial by an impartial tribunal with proper jurisdiction.
C)  The judgment was not fraudulent or against public policy.
D)  The case was heard in an American court.

Question 18

How did it come about that China,France,Russia,the United Kingdom and the United States are the five permanent members of the United Nations Security Council?

Accepted Answer

A)  They were the primary victors in World War II.
B)  They are the nations with the largest populations.
C)  They are the economic leaders of the world.
D)  They are the nations with the largest military forces.

Question 19

The Foreign Corrupt Practices Act prohibits bribery abroad.

Accepted Answer

A) True 
 B)False

Question 20

_______ is the term used to describe certain fundamental principles of international law that cannot be altered by custom or practice.

Accepted Answer

A)  Extraterritoriality
B)  Sovereign immunity
C)  Gharar
D)  Jus cogens

Exam 3: International Law

The law governing the acquisition of territory and the settlement of disputes among nations is public international law.

The primary goal of the North American Free Trade Agreement (NAFTA) was to

The European Union has adopted a currency known as the

What is a major argument by the United States against the GATT Treaty?

Extraterritoriality can be defined as

Which of the following statements best describes common law?

The International Court of Justice (ICJ) has not been an important force in resolving international business disputes.In fact,in its seven-decade history,the ICJ has heard fewer than 200 cases.Which of the following statements regarding the ICJ is NOT true?

The doctrine of stare decisis is fundamental to

Law governing relations among governments and international organizations is referred to as _,while law that applies to private parties in international commercial and legal transactions is referred to as _.

NAFTA is a trade agreement between the United States,Canada and Mexico.

One of the reasons the International Court of Justice (ICJ)is so vital to the resolution of international business disputes is that all parties are bound by the ICJ's decisions.Because of this,the Court has vast enforcement power.

The Foreign Sovereign Immunities Act (FSIA)provides that American courts generally cannot hear suits against foreign governments.Describe the three possible exceptions to this rule.

Which principle of Islamic law prohibits any contract gain that is not clearly outlined at the time of contract,especially when it involves risk and deception?

Historically,many countries had dissimilar and confusing intellectual property rules covering copyrights,trademarks,and patents.Which of the following served to clarify and harmonize the trade related aspects of intellectual property?

If a foreign government hires an American consulting firm to help the country's textile industry improve production operations, the contract is commercial, and if the foreign government refuses to pay, the consulting firm may sue the government in American courts.

The Uniform Money Judgments Recognition Act provides that U.S.courts will recognize foreign judgments provided certain conditions are met.Which of the following is NOT one of those conditions?

How did it come about that China,France,Russia,the United Kingdom and the United States are the five permanent members of the United Nations Security Council?

The Foreign Corrupt Practices Act prohibits bribery abroad.

_______ is the term used to describe certain fundamental principles of international law that cannot be altered by custom or practice.