1) Common law is the legal system of England and countries that were once English
colonies.
2) In an option contract, if the right is to buy a commodity, the option is known as a
call.
3) CISG deals with the questions related to the legality of a contract.
4) A subsidiary is considered a separate legal entity from its parent company.
5) The domestic sale of products manufactured under a license that only grants a
foreign licensee the right to sell the goods overseas is called gray marketing.
6) The force majeure excuse can be used only as long as the underlying impediment
continues in existence.
7) Equity is the practice between states of treating each other with goodwill and civility.
8) When a firm organized in one country contracts with an independent foreign firm to
carry out sales or purchasing abroad, it is known as a multinational enterprise.
9) According to the CISG, the rules of private international law would be the final
source used for deciding legal questions governed by the convention.
10) CISG may apply even if the buyers and sellers places of business are not in a
contracting state.
11) Derived value is the customs value of goods that is based on their price calculated
from the cost of manufacture, overhead, and handling.
12) Choice-of-law clause promises foreign investors that the host government will not
change its tax for a certain period of time.
13) What are the various marks used by merchants to identify themselves and their
products?
14) Dead freight is a charge imposed on a charterer when a chartered ship has less than
a full load.
15) In most common law countries, the person best able to prevent the forgery from
happening is held liable for a forged instrument.
16) An Italian woman opening a restaurant in England is exercising her right of
establishment under the EC Treaty.
17) The United Nations is a nongovernmental organization.
18) The Himalaya Clause says that only persons who are a party to a contract may
enforce its provisions.
19) The Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions make it a crime for individuals and juridical persons to bribe or
attempt to bribe a foreign official.
20) The common law does not require a bill of exchange to be dated.