1) The common law requires a note to contain the words promissory note.
2) A patent pool is an agreement to exchange licenses.
3) The insurance policy represents the cost element of a contract.
4) A treaty concerned with rights over territory, such as boundaries and servitudes, is
called a dispositive treaty.
5) Diplomacy is also known as alternative dispute resolution.
6) The declaratory doctrine holds that the legal existence of a government happens
automatically by operation of law whenever a government is capable of controlling a
territory and its people.
7) Under an ex works contract, all the costs connected with transportation are the
responsibility of the seller.
8) The private property rights of individuals lapse because of a change in government.
9) A conference line is an association of seagoing carriers that have joined together to
offer common freight rates.
10) In states that are signatories to the United Nations Convention on the Recognition
and Enforcement of Foreign Arbitral Awards, foreign arbitral awards can be enforced
only if they are first converted into a judicial judgment in the state where the arbitration
was heard.
11) Nondiscrimination guarantee is the assurance of a host state government that
foreign investors will be able to take out of the state both the investment capital they
brought in and the profits they earned.
12) A tax credit is an example of a subsidy.
13) In a trade acceptance, the drawer is ordered to pay a specified sum of money to the
drawee.
14) A corporation and its owners are considered a single juridical entity.
15) The Hague and Hague-Visby Rules do not apply to charterparties unless a bill of
lading issued by the shipowner comes into the hands of a third party.
16) The ________ holds that the legal existence of a state or government is dependent
on recognition by other states.
A. doctrine of transformation
B. declaratory doctrine
C. constitutive doctrine
D. doctrine of incorporation
17) A cross-licensing agreement is ________.
A. an agreement to exchange licenses
B. an agreement to share patents and other technology
C. an agreement between sellers and buyers
D. a contract for the licensing of industrial property rights to two or more licensees
18) Which of the following is true of the objection of lack of standing that a state can
raise against a complaint at the ICJ?
A. It can prevent private persons from directly entering into a case against a country
B. It only applies to persons with dual citizenship
C. It cannot be used as grounds for dismissing a case
D. It prevents states from sponsoring private persons from bringing a case against
another state
19) A(n) ________ is a promissory note issued by a bank in which the bank promises to
repay money it has received, plus interest, at a certain time.
A. letter of credit
B. certificate of deposit
C. option contract
D. allonge
20) A franchise in which the franchisee sells products it manufactures from a formula or
from ingredients provided by the franchisor is called a ________.
A. distributorship
B. chain-style business
C. processing plant franchise
D. business format franchise
21) A ________ is a group of states that have reduced or eliminated tariffs among
themselves but that maintain their own individual tariffs in dealing with other states.
A. customs union
B. free trade area
C. Harmonized System
D. Wassenaar Arrangement
22) Which of the following are sponsored by the ILO when there is substantial
agreement in the international community about a particular labor practice?
A. supplementations
B. justifications
C. recommendations
D. conventions
23) Which of the following best describes a clean bill of lading?
A. It is a bill of lading that is negotiable
B. It is a bill of lading issued to a named consignee that is not negotiable
C. It is a bill of lading indicating that some discrepancy exists between the goods
loaded and the goods listed on the bill
D. It is a bill of lading indicating that the goods have been properly loaded on board the
carriers ship
24) The currency exchange mechanism established in 1945 by the Articles of
Agreement of the IMF was called the ________.
A. gravity model of trade
B. par value system
C. gold exchange standard
D. gold bullion standard
25) ________ are legally binding agreements between states sponsored by international
organizations.
A. Conventions
B. Doctrines
C. Treaties
D. Estoppels
26) A ________ is the vessel or cargo to which a maritime lien attaches.
A. mare liberum
B. quaere
C. situs
D. res
27) A party can claim the excuse of ________ if he or she can prove that the failure to
perform on his or her part was due to an event or effect that could not be reasonably
anticipated or controlled.
A. dirty hands
B. Nachfrist notice
C. force majeure
D. nolo contendere
28) Under which of the following conditions, a member nation can apply restrictions on
international transfers and payments for current transactions even though they are
typically forbidden by GATS?
A. The member nation is in transition to a market economy
B. The member nation wants to grant monopoly rights to a service supplier
C. The member nation wishes to not adopt the guidelines of the Council on Trade in
Services
D. The member nation has been granted MFN status by another country
29) The ________ doctrine holds that courts should apply the law of the state that has
the most interest in determining the outcome of the dispute.
A. act of state
B. vested rights
C. most significant relationship
D. governmental interest
30) Which of the following is the principal judicial organ of the United Nations?
A. the Permanent Court of International Justice
B. the International Center for the Settlement of Investment Disputes
C. the International Court of Justice
D. the International Criminal Court
31) Which of the following is true of the price-fixing clause?
A. It is a provision forbidding a licensee from competing with the licensor
B. It specifies only the minimum prices
C. It forbids a licensee from entering into agreements to acquire or distribute
technologies or products that compete with ones furnished or designated by the licensor
D. It requires a licensee to sell products at a price specified by the licensor
32) Which of the following is an example of a central bank that is owned by a national
government?
A. the Bank of England
B. the Central American Monetary Union
C. the World Bank
D. the Arab Monetary Fund
33) The ________ is a multilateral association of states concerned with curbing the
proliferation of chemical and biological weapons.
A. Australia Group
B. Zangger Committee
C. Nuclear Suppliers Group
D. Harmonized System
34) ________ is the process by which parties to a dispute submit their differences to the
binding judgment of an impartial third person or group selected by mutual consent.
A. Conciliation
B. Diplomacy
C. Arbitration
D. Mediation
35) Which of the following terms refers to a contribution by those jointly involved in a
maritime venture to make good the loss by one of them for his voluntary sacrifice of a
part of the ship or cargo to save the residue of the property and the lives on board, or for
the extraordinary expenses necessarily incurred for the benefit and safety of all?
A. dead freight
B. maritime lien
C. general average
D. particular average
36) ________ is the customs value of goods that is determined by using whichever of
the other methods best fit and adjusting it to the particular circumstances.
A. Transaction value
B. Deductive value
C. Computed value
D. Derived value
37) The ________ consists of the criteria that allow a court to assume criminal
jurisdiction in cases in which a national interest of the forum state was injured.
A. territoriality nexus
B. nationality nexus
C. protective nexus
D. universality nexus
38) Which of the following makes an offer effective?
A. when the offeror makes the proposal
B. when it reaches the offeree
C. when it mentions a fixed price for the goods
D. when it is addressed to the public
39) Which of the following workers rights overlaps between the European Convention
on Human Rights and the European Social Charter?
A. Every worker has the opportunity to earn his living in an occupation freely entered
upon
B. Every worker has the right to benefit from social welfare services
C. Every worker has the right to join trade unions for the protection of his interest
D. All workers and their dependents have the right to social security
40) Which of the following is true of a certificated security?
A. Its ownership is recorded only on the books of the issuer
B. A bearer security is not a certificated security
C. It cannot be transferred by negotiation
D. It is dealt in on securities exchanges
41) The IMFs _______ consists of that share of a member states quota that it did not
contribute in its own currency.
A. Standby Arrangement
B. Extended Fund Facility
C. reserve tranche
D. credit tranche
42) The national standard of care is a doctrine that states that a state ________.
A. must treat aliens the same way that it treats its own nationals
B. must try an alien according to the laws existing in the aliens country
C. is responsible for injury to an alien when the state violates international norms
D. is liable for the actions of the alien within its territory
43) Which of the following is an example of a distributorship franchise?
A. a Pepsi-Cola factory
B. a KFC outlet
C. Hilton Hotels and Resorts
D. Volkswagen dealership
44) A(n) ________ is a contractual grant of a legally recognized right which can be
used as an international marketing tool whereby trade secrets, minor technological
methods or processes, or protectable business plans and processes of an entity in one
nation are extended to a party in a different nation.
A. license
B. letter of credit
C. copyright
D. deed
45) ________ prohibits contracts, agreements, and conspiracies that restrain interstate
or international trade.
A. Section 2 of the Taft-Hartley Act
B. Section 2(a) of the Robinson-Patman Act
C. Section 4 of the Clayton Act
D. Section 1 of the Sherman Act
46) A(n) ________ is someone who buys in good faith, pays value, and is unaware that
the transferor is not the rightful owner.
A. tipper
B. bona fide purchaser
C. tippee
D. insider
47) The ________ in GATS requires member states to publish, prior to their entry into
force, all of their national measures and international agreements that affect their
obligations under GATS.
A. ultra vires rule
B. foreseeability standard
C. most-favored-nation treatment
D. transparency provision
48) The ________ states that a statute or treaty is to be interpreted only from the words
contained within the statute or treaty.
A. foreseeability test
B. Ultravires rule
C. plain meaning rule
D. per se rule
49) State the article in the European Community Treaty that is analogous to Section 2 of
the Sherman Act.
50) Describe the significance of the Schedule of Specific Commitments. List the
categories that a member can apply on sectors mentioned in its Schedule of Specific
Commitments?
51) Differentiate between free trade area and customs union.
52) What are the general obligations given to Annex I and non-Annex I countries
regarding greenhouse gas emission by the United Nations Framework Convention on
Climate Change (UNFCCC)?
53) Write a short note on the World Intellectual Property Organization.
54) Describe the significance of the Williams Act.
55) What are the different types of per se violations? How does a court deal with a per
se violation?
56) Describe the ways in which a bill or note can be paid.
57) Describe the International Labor Offices institutional structure.
58) What are the rights and responsibilities of the account party in a letter of credit
transaction?