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Contract laws in socialist countries tend to be:
I. Detailed, mechanical, and cumbersome.
II. Enforced by private companies operating on behalf of the state.
Which of the following is correct?
a. Both I and II.
b. Neither I nor II.
c. I only.
d. II only.
Bolero is a private company founded by a consortium of the world's largest banks to
provide secure "digital identities" or signatures for confidentiality and authentication of
financial and legal documents.
a. True
b. False
In order to negotiate an order instrument, it must be indorsed and delivered.
a. True
b. False
Trade retaliation under U.S. Section 301 is mandatory if the U.S. trade representative
determines a country permits forced labor.
a. True
b. False
Under EC Directive 86/653, an evergreen contract occurs when the agency relationship
has:
a. Lasted for three or more years.
b. Been continued beyond the original fixed term with no formal renewal.
c. Been terminated by giving a three-month written notice.
d. All of the above.
ISO 14000 refers to:
a. Standards used for assuring product quality through design and manufacturing
process.
b. Guidelines in environmental management and labeling.
c. European Union import regulations.
d. A trade agreement between the U.S. and EU designed to reduce barriers to trade.
Under accounts receivable financing, the factor is protected from contract claims for
defective goods by the holder in due course rules.
a. True
b. False
A global economy cannot function unless business people know that contracts are
enforceable and the appropriate remedy can be achieved.
a. True
b. False
When goods are to be transported by more than one mode of transportation.
a. unimodal
b. FAS
c. DAS
d. multimodal
Which institution is in charge of monetary policy relating to the euro?
a. The European Central Bank
b. The Eurozone Bank
c. The World Trade Organization
d. The International Court of Justice
A free trade area is a group of two or more sovereign countries in which import duties
and other trade barriers are reduced or eliminated.
a. True
b. False
Section 301 refers to:
a. A law that permits the United States to retaliate unilaterally against other countries
that violate GATT.
b. A law that permits the United States to retaliate unilaterally against countries that are
unfair in restricting the import of U.S. goods or services.
c. A law that contains four different provisions.
d. A law that is based on the Omnibus Trade and Competitiveness Act of 1988.
e. All the above are true regarding Section 301.
The Treaty of Lisbon provides a mechanism for EU states to leave the EU.
a. True
b. False
In a prosecution for violating the FCPA, the defendant's conduct will be excused if he or
she can prove that the payment was paid as a result of extortion by the foreign official.
a. True
b. False
Which of the following is an example of an ad valorem tariff?
a. a 15% tariff on the value of a shipment of t-shirts
b. a $10 tariff on each barrel of petroleum
c. a 20% discount on the value of peaches delivered in October, November, or
December
d. None of the above
Agricultural products, in general, have few barriers to trade placed upon them.
a. True
b. False
Due to GATT's prohibition of quotas, a nation may not impose quotas to safeguard its
external financial position and its balance of payments.
a. True
b. False
In addition to the bill of lading, other documents that may be required for shipment
include all but which of the following:
a. Inspection certificate.
b. Consular invoice.
c. Commercial invoice.
d. All of the above.
