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The GATT Agreement authorizes countervailing duties to offset the effect of subsidies
on imports that cause or threaten material injury to a domestic industry.
a. True
b. False
Regarding NAFTA's investment provisions:
a. Domestically owned companies are given priority over foreign-owned firms.
b. Mexico has stricter environmental laws than the United States.
c. Firms operating in any NAFTA country can convert foreign exchange at local banks.
d. Local firms owned by investors from other NAFTA countries must fill senior
management positions with local citizens.
U.S. lawyers generally prefer to draft contracts in exacting, detailed, and technical
language while Japanese contracts generally tend to be short and with relatively little
detail.
a. True
b. False
International investment disputes are arbitrated by:
a. The International Chamber of Commerce.
b. The International Centre for the Settlement of Investment Disputes.
c. The United Nations.
d. All of the above.
e. A and B only.
A tariff is:
a. An import duty.
b. A tax levied on goods being brought into a country.
c. A ban on trade with a foreign nation.
d. Both A and B.
COGSA gives limited protection to carriers for damage to cargo resulting from being
torpedoed by mistake by a submarine of a nation involved in an armed conflict.
a. True
b. False
Money damages for breach of a sales contract is usually based on the difference
between the market price and the contract price.
a. True
b. False
In the United States v. Golden Ship Trading case, Wu, the owner, was found not liable
because she exercised due care in verifying the merchandise was manufactured in the
Dominican Republic.
a. True
b. False
The United States International Trade Commission investigated the Harley-Davidson
complaint that imports of competitive motorcycles were damaging the domestic
industry, however the argument for protection baseless.
a. True
b. False
If goods are sacrificed in the process of saving a ship from a substantial common
danger, the owners of the goods are said to have incurred a particular average loss.
a. True
b. False
The European Court of Justice has shown little reluctance to find competition
conspiracies between a European subsidiary and its American parent.
a. True
b. False
The United States does not tax foreign subsidiaries on the income they earn abroad.
a. True
b. False
Customs is barred from bringing a civil action to collect an import duty after
a.Three years
b.One year
c.Five years
d.Four years
In Dayan v. McDonald's Corporation, the court ruled that:
a. McDonald's quality standards were inadequate under French law.
b. The McDonald's franchise contract was illegal under French law.
c. McDonald's had fulfilled its responsibility to the franchisee in France under U.S. law.
d. The French do not like hamburgers.
A holder in due course rule, where a purchaser of an acceptance, or any negotiable
instrument, takes it free from most disputes that may arise between the drawer and
drawee and is regulated under the Uniform Customs and Practice for Documentary
Credits.
a. True
b. False
