What do many legal historians believe led to the development of modern international
law?
a. the rise of the European nation-state
b. Chinese dynastic law
c. Roman law
d. trade law in the Middle Ages
A consignee can prove a shortage by showing that the quantity of the cargo unloaded at
the destination is less than that listed on the bill of lading.
a. True
b. False
Under U.S. law, a petition for import relief may be filed with the International Trade
Commission by any firm, trade association, union, or group of workers.
a. True
b. False
Diversion refers to the illegal placement of goods in the hands of an individual for
whom an export license would not be granted because of the type of product, the
product’s end use, or the country involved.
a. True
b. False
Despite the differences in antitrust laws among nations the substances of competition
law is similar.
a. True
b. False
Which of the following is true about fair, reasonable, and nondiscriminatory (FRAND)
licensing terms?
a. FRAND licensing applies only in limited circumstances.
b. FRAND licensing has curbed litigation in a meaningful way.
c. FRAND licensing is not practiced in the U.S.
d. None of the above
After the passage of the Single European Act, the EU went from qualified voting to the
requirement of unanimous consent.
a. True
b. False
By 2010, the United Kingdom and Denmark had finally accepted the use of a single
European currency.
a. True
b. False
The Uniform Commercial Code has been approved by all fifty states in one form or
another.
a. True
b. False
One example of a global solution to a global environmental problem is a multilateral
agreement concerning depletion of the ozone layer and the production of
chlorofluorocarbons.
a. True
b. False
Global MegaBank (GMB) issued an irrevocable letter of credit on behalf of its
customer Beer Importers of America, Inc. (BIA) for up to $150,000 covering shipments
of “Belgian Trappist Ales” from “Beer of the World Distributor” (BWD). BWD
subsequently presented its draft and commercial invoice with its name properly spelled
as “Beers of the World Distributor.” The submitted documents also referred to the
shipment of “Belgian Abbey Ales” although the shipments themselves were of “Belgian
Trappist Ales.” GMB refused to accept these documents because of these discrepancies.
GMB noted that use of the name “Trappist” is limited by Belgian law to 6 breweries
operated by monastic orders in Belgium. By contrast, abbey ales are brewed by
non-monastic entities under licenses to use the names of monasteries or religious icons
in their titles. BWD claimed that GMB wrongfully dishonored the documents. BWD
claimed the difference in names was excusable as a minor typographical error and that
abbey and trappist ales are brewed in the same manner and thus so closely resemble one
another as to excuse the discrepancy between the letter of credit and documents.
Who would prevail in litigation between GMB and BWD? Please explain your answer.
Would the result be different if the court was to apply UCP 600 or the functional
standard of compliance? Why or why not?
Two of the disadvantages of arbitration are the increase in time to hear a dispute and the
expense of the hearing.
a. True
b. False
Small and medium-size companies lack the competitive advantage to compete with
large multinational corporations and therefore have little to contribute to the
international marketplace.
a. True
b. False
Global quotas are quantitative import restrictions on a particular product regardless of
its country of origin.
a. True
b. False
A clean bill of lading establishes a rebuttable presumption that the goods delivered to an
ocean carrier were in good condition.
a. True
b. False
Which of the following is (are) true concerning the UCP?
a. The UCP is a standardized set of rules in virtually all nations.
b. Because the UCP was drafted by the ICC and is recognized in most states, it
automatically governs international letters of credit.
c. The UCP will govern a letter of credit only if its provisions are incorporated into the
letter of credit by reference.
d. A and C only.
e. A and B only.
Xerox Corp. manufactured parts for copy machines in the U.S. that were shipped to
Mexico for assembly. The copiers were designed to be sold to Latin America and did
not operate on U.S. electric current. The copiers after assembly were kept in U.S.
customs warehouses pending sale to Latin America. These goods were free of import
duty by federal law. The city of Houston, Texas, assessed these copiers with a local
property tax. Xerox sued to have this tax declared unconstitutional. The court decided:
I. That Xerox must pay all this tax because state/local governments have taxing powers
just like the U.S.
II. That Xerox must pay only one-half since state/local governments are one-half
partners with the federal government.
III. That this law is preempted by federal law.
a. I only.
b. II only.
c. III only.
d. Both I and III.
The European Court of Justice and the International Court of Justice have concurrent
jurisdiction over EU member international trade disputes with non-EU members.
a. True
b. False
Many technology transfer agreements prevent the licensee from selling goods to
persons that will bring the product back to the licensor’s country for sale in direct
competition with the licensor.
a. True
b. False
The vehicle of choice most often for a U.S. investor who wishes to exercise a measure
of control over its foreign investment is a(n):
a. Interlocking directorate.
b. Investment trust.
c. Joint venture.
d. All of the above.
Many factors must be considered in choosing binding arbitration. All of the following
should be considered except:
a. Cost.
b. Speed.
c. Enforceability.
d. Complexity.