1) Bearer securities are transferred simply by delivery of the certificate.
2) The exhaustion-of-rights doctrine states that once a good made or sold under license
is in circulation, the licensor has no further right to control its distribution.
3) Under the ULB, only banks can become holders of an endorsement for collection.
4) Free trade areas are intergovernmental organizations.
5) The doctrine of incorporation holds that customary international law is not applicable
until clearly adopted by legislative action, judicial decision, or established local usage.
6) Prohibited subsidies are also known as red subsidies.
7) Conventions are legally binding agreements between states sponsored by
international organizations.
8) Maritime liens require possession.
9) A tying clause is a provision forbidding a licensee from competing with the licensor.
10) An order bill is a bill or note that contains a special endorsement as its last
endorsement.
11) Under the common law theory of strict liability, defendants cannot be held liable if
they can prove they exercised reasonable care.
12) All the member states of the United Nations are automatically parties to the Statute
of the International Court of Justice.
13) An uncertificated security is one whose ownership is recorded only on the books of
the issuer.
14) The holder of an option contract is obligated to complete its transaction within the
stipulated time.
15) The International Labor Organization is responsible for enforcing the European
Convention on Human Rights of 1950 .
16) With average policies can be purchased without a franchise clause.
17) A formal binding agreement between two states is called a multilateral treaty.
18) Recommendations are issued by the ILO when there is no consensus on the subject
at hand.
19) By piercing the company veil, a court exposes the shareholders of the company to
personal liability.
20) A(n) ________ contract creates the rightbut not the obligationto buy or sell a
specific amount of a commodity at a fixed price within an agreed-upon period of time.
A. forward
B. spot
C. future
D. option
21) Which of the following is the reserve currency used by the IMF?
A. Ven
B. Special Drawing Right (SDR)
C. European Currency Unit (ECU)
D. World Currency Unit (Wocu)
22) Which of the following IMF facilities essentially acts as bridging loans provided to
member states while the IMF deliberates about whether to provide other funds to the
particular member state?
A. the Concessional IMF Facility
B. the Standby Arrangement
C. the reserve tranche
D. the credit tranche
23) An order bill of lading differs from a straight bill of lading in that, an order bill of
lading ________.
A. gives the transferee greater rights
B. is non-negotiable
C. is issued to a named consignee
D. is issued by a shipper to an ocean carrier
24) The Treaty Establishing the European Community (EC Treaty) is meant to promote
________.
A. the private individuals liability for violations of international law
B. the use of the most-favored-nation (MFN) treatment within the EU member states
C. the use of Special Drawing Rights within the EU member states
D. the comprehensive economic integration of EU member states
25) The doctrine of international standard of care states that ________.
A. a state must treat aliens the same way that it treats its own nationals
B. a state is responsible for injuring an alien when the states conduct violates
international norms
C. a state is responsible for the actions of its nationals present in other countries
D. a state is obliged to admit aliens into its territories freely
26) Which of the following is true of the buyers remedies under the CISG?
A. The right to recover damages is not lost if a buyer exercises any other available
remedy
B. The right to recover can only be availed after the seller is given a period of grace in
which to comply
C. The right to recover does not include reduction in price of the goods
D. The type of remedy applicable in a case depends on whether the sellers breach
affects the whole contract or only a part
27) Which of the following is a function of the Council of the European Union?
A. It is responsible for overseeing the implementation of the treaties that establish the
EU
B. It coordinates the economic policies of the member states
C. It acts as the principal initiator of overall policy for the EU
D. It represents the EU internationally
28) Which of the following is true of international human rights law?
A. Individuals can claim any loss of property or personal injury
B. Individuals have the right to assert claim against the state of their nationality
C. The claimant is the state of which the injured individual is a national
D. The defendant is always a foreign state
29) The ________ is the money used to define the amount of an obligation.
A. money of payment
B. money of account
C. book value
D. par value
30) Accounts in domestic banks that are maintained and paid in a foreign currency are
generally known as ________.
A. checking accounts
B. asset accounts
C. Eurocurrency deposits
D. recurring deposits
31) The _______ is a jurisdictional test required by due process that looks to see if a
person had such associations with a state, did business within the state, and could
reasonably have anticipated that it would have to defend itself there.
A. effects test
B. minimum contacts test
C. jurisdictional rule of reason test
D. per se test
32) The ________ states that once a copy of a copyrighted work is in circulation, the
author has no further right to control its distribution.
A. common origin doctrine
B. exhaustion of rights doctrine
C. rule of reason
D. first sale doctrine
33) The principle assertion that each individual shall have appropriate access to
information concerning the environment that is held by public authorities, was
established in ________.
A. Resolution 2389
B. Agenda 21
C. the Stockholm Declaration
D. the Rio Declaration
34) The OPIC provides insurance for creeping expropriations ________.
A. only if the expropriation happens without the involvement of the residential state of
the investor
B. even if the expropriation is partial
C. only if the expropriation is breaking international law
D. only if the investor is willing to give up all claims to the investment
35) Which of the following is true of OPICs coverage policies?
A. It covers partial expropriation
B. It covers risks associated with currency inconvertibility
C. It limits its exposure in any one country to no more than 40 percent of its total risk
D. It does not cover firms that have not acquired subrogation rights from the host
nations government
36) Which of the following parts of the IMF gives the final approval for the quota a
state seeking to join the IMF should pay?
A. member states having at least 85 per cent of the total vote share
B. all the member nations of the IMF
C. the IMF Board of Governors
D. the IMF Executive Board
37) The ________ is the law code promulgated in 1896 that is based primarily on the
Corpus Juris Civilis and is characterized by its detailed structure and its technical
precision.
A. comparative law
B. German Civil Code
C. French Civil Code
D. common law
38) Which of the following statements is true regarding the World Intellectual Property
Organization (WIPO)?
A. It was created with the adoption of the Vienna Convention
B. WIPO, like its predecessors, has very narrow authority
C. One of the responsibilities of the WIPO is resolving Internet domain disputes
D. The European Council is the governing body of the WIPO
39) Which of the following is true of a futures contract?
A. They are not standardized contracts
B. They are transferable contracts
C. They require immediate delivery of the commodity
D. They require immediate payment of the price
40) The American antitrust laws authorize a court to assume personal jurisdiction if a
defendant has the contacts specified by ________.
A. the Federal Trade Commission Act
B. Section 1 of the Sherman Act
C. an applicable state long arm statute
D. the Robinson-Patman Act
41) A transaction involving which of the following types of goods is most likely to be
governed by CISG?
A. aircraft
B. electricity
C. negotiable instruments
D. agricultural products
42) The bill of exchange that is payable at the time it is presented or at a stated time
after presentment is known as a(n) ________.
A. deed
B. allonge
C. sight bill
D. time bill
43) Which of the following issuances provides the proclamation, given below, on state
responsibility toward the environment?
States have, in accordance with the Charter of the United Nations and the principles of
international law, the sovereign right to exploit their own resources pursuant to their
own environmental policies, and the responsibility to ensure that activities within their
jurisdiction or control do not cause damage to the environment of other states or of
areas beyond the limits of national jurisdiction.
A. the Kyoto Protocol
B. Agenda 21
C. the Stockholm Declaration
D. the Bonn Agreement
44) A(n) ________ is a seagoing common carrier operating with a stated rate schedule
but without established routes.
A. common carrier
B. conference line
C. independent line
D. tramp vessel
45) ________ are situations that excuse a WTO member state from complying with its
GATT obligations when those are in conflict with its essential security interests or its
duties under the United Nations Charter.
A. Harmonized Systems
B. General exceptions
C. Safeguards
D. Security exceptions
46) The ________ comes into effect when a contract describes itself as being complete
and final, preliminary or informal agreements made prior to or at the same time the
contract was made will be ignored when interpreting it.
A. choice-of-law clause
B. Ultravires rule
C. parol evidence rule
D. per se rule
47) Customary international law is part of domestic law to the extent that it is not
inconsistent. This is called the ________.
A. constitutive doctrine
B. declaratory doctrine
C. doctrine of transformation
D. doctrine of incorporation
48) The ________ is the main decision-making body of the European Union.
A. European Economic and Social Committee
B. European Commission
C. European Parliament
D. Council of the European Union
49) The process by which an impartial third party makes an independent investigation
and suggests a solution to a dispute is called ________.
A. negotiation
B. conciliation
C. arbitration
D. inquiry
50) The ________ states that participants in an industry-wide patent pool must grant
reasonable access to the pool to any firm wishing to compete so that no firm will be
disadvantaged.
A. indemnification clause
B. bottleneck principle
C. maintenance of value clause
D. country of origin principle
51) Which of the following is true of a cartel?
A. It is a contract for the licensing of industrial property rights to two or more licensees
B. It is a combination of independent business firms organized to regulate the
production, pricing, and marketing of goods by its members
C. It is a provision according to which an industry-wide patent pool must grant
reasonable access to the pool to any firm wishing to compete so that no firm will be
disadvantaged
D. It is a license that restricts who may compete with the licensee
52) According to the doctrine of imputability, ________.
A. a new state coming into existence through decolonization is under no obligation to
succeed to the treaties of its former colonial power
B. a state is only responsible for actions that are attributable to it
C. all persons, including the sovereign, are subordinate to the rule of law
D. customary international law is applicable domestically only after it is adopted by
legislation, court decision, or local usage
53) ________ is the use of material nonpublic information about a company or the
securities market to buy or sell securities for personal gain.
A. Insider trading
B. Safeguarding
C. Dumping
D. Expropriation
54) The ________ is a federal statute enacted in 1890 that forbids combinations and
conspiracies in restraint of interstate and international trade.
A. Clayton Act
B. Sherman Antitrust Act
C. the Federal Trade Commission Act
D. Robinson-Patman Act
55) ________ is a remedy that allows a seller to ascertain requirements himself when
the buyer fails to supply them as required by the contract or within a reasonable time
after the seller requests them.
A. Missing specifications
B. Special performance
C. Nachfrist notice
D. Suspension of performance
56) How is the theory of negligence in product liability different in common law states
compared to countries that dont follow common law?
57) How does a bank transfer money internationally?
58) Differentiate between a conference line and an independent line.
59) Explain the act of state doctrine.
60) What are the three dispute settlement organs carrying out the Dispute Settlement
Understanding?
61) Write a short note on the International Criminal Court.
62) Explain the right of performance.
63) Briefly describe the subordinate structures of representative office, an agent, and a
branch.
64) What are the requirements placed on the form of a bill of exchange under the ULB?