Under a device known as nachfrist notice, the CISG allows either party — buyer or
seller — to fix an additional period of time, beyond the date called for in the contract,
for the other to perform.
a. True
b. False
Under the CISG, all contracts for the sale of goods must be in writing.
a. True
b. False
U.S. imports that originate in a normal trade relations country and are shipped to a GSP
country must undergo a dual transformation in the GSP country in order for the GSP
country to be considered the country of origin.
a. True
b. False
Under an FOB contract, the seller delivery’s the goods on board the ship decks and has
no further transportation obligations.
a. True
b. False
International franchising allows the franchisee the right to use a(n):
a. Export management company.
b. Export trading company.
c. Copyright.
d. None of the above.
A. Bourjois & Co. v. Katzel involved the question of whether Katzel:
a. Was liable to Bourjois for breach of contract.
b. Was liable to the French subsidiary of Bourjois for trademark infringement and
counterfeiting.
c. Was entitled to punitive damages for willful trademark infringement.
d. Was liable to Bourjois for trademark infringement.
The U.S. has an analogous system to the European Union’s system for resolving
antitrust law issues prior to the transaction taking place.
a. True
b. False
A Bill of Exchange is a specialized type of non-negotiable instrument used to expedite
payment in a documentary sale.
a. True
b. False
An upstream subsidy is granted by a government to a company that is based in another
country, but has substantial business operations in the home country.
a. True
b. False
International business may be classified into which of the following three categories:
a. Trade, import/export, foreign exchange.
b. International licensing agreements, investments, law.
c. Trade, international licensing agreements, investment.
d. International licensing agreements, trade, franchising.
NAFTA was based on:
a. The U.S.-Canada Free Trade Agreement.
b. The General Agreement on Tariffs and Trade.
c. The Generalized System of Preferences.
d. The North American Agreement on Labor Cooperation.
e. None of the above.
To minimize the effects and expansion of climate change, many nations, particularly
those in Europe, are pushing hard for a global reduction in the use of:
a. genetically modified organisms.
b. pesticides.
c. solar energy.
d. fossil fuels.
Subsidies including domestic subsidies are regulated under the GATT Agreement.
a. True
b. False
The GATT Agreement has an escape clause whereby member nations may levy
increased duties on imported products where there are unforeseen circumstances that
cause or threaten serious injury to domestic producers.
a. True
b. False
Under admiralty jurisdiction, what criterion is used to determine whether a waterway is
‘navigable’?
a. The body of water must be wide and broad enough for today’s shipping vessels.
b. The body of water must have a port or dock.
c. The body of water must currently be in use for commercial activity.
d. The body of water is used or capable of being used for commercial activity.
In many countries, employers are required by law to consult with worker’s groups prior
to any large-scale dismissals.
a. True
b. False
The Agreement on Government Procurement has the force of international law and
applies to all WTO countries.
a. True
b. False
The trade terms “FOB” and CIF” are defined by which of the following:
a. Incoterms.
b. Uniform Commercial Code
c. The Revised American Foreign Trade Definitions
d. All of the above.
The U.S. Constitution gives the president broad powers over foreign commerce and
international trade without consultation with Congress.
a. True
b. False
The term “trade usage” refers to the customs of an industry, past dealings of merchants,
and the usages of trade terminology and language.
a. True
b. False
The CISG says that the remedy of specific performance is allowed where the domestic
laws of a country allow such a remedy.
a. True
b. False
All of the following are EU institutions except:
a. The Council of Ministers.
b. The European Council.
c. The European Commission.
d. The Council of Europe.