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1) The Kennedy Round produced an agreement on anti-dumping.
2) A holding company is a branch that in turn owns other branches.
3) The Tokyo Round led to the establishment of the World Trade Organization.
4) A branch is an independently organized and incorporated company.
5) Under the CISG, the acceptance has to be returned via the same medium in which the
original offer was sent.
6) Contracts for goods to be manufactured are treated by the CISG as sales of goods
unless the buyer undertakes to supply a substantial part of the materials.
7) Accounts in domestic banks that are maintained and paid in a foreign currency are
commonly free of the monetary control restrictions imposed by their issuing country.
8) A time charterparty is a contract to hire an entire ship for a particular voyage.
9) The Framework Agreement for GATS lays out the scope and definition of GATS.
10) The ability of a defendant to escape the jurisdiction of a court is known as delict.
11) In civil law countries, the lien exists against the owner as a debtor.
12) In the United States, offerings of less than $1 million in a 12-month period are
exempt from registration.
13) Movement of toxic and other wastes are regulated by the Kyoto Protocol.
14) All the shares of the Bank for International Settlements are owned by the World
Bank and the IMF.
15) The price reduction remedy can be claimed by a buyer only if the buyer has
accepted nonconforming goods.
16) Which of the following describes the term passage of risk?
A. the period given to the seller to rectify nonconforming goods
B. a period during shipment when neither buyer nor seller bears the risk of loss
C. the period during which the seller is responsible for losses to the goods
D. the point in time when the buyer becomes responsible for losses to the goods
17) ________ is a remedy available to either party when it becomes clear that the other
party will commit a fundamental breach.
A. Anticipatory avoidance
B. Missing specifications
C. Special performance
D. Avoidance of an installment contract
18) Which of the following is true of bonded warehouses?
A. They are operated by transportation firms
B. They are intended to be places for trade and business
C. They help shippers in avoiding tariffs and quotas
D. They are owned by the government
19) The authority or power of a court or tribunal to hear a particular case or dispute is
called ________.
A. arbitration
B. jurisdiction
C. diplomacy
D. mediation
20) Which of the following characterizes a national multinational enterprise?
A. It is firm organized in one country that contracts with an independent foreign firm to
carry out sales or purchasing abroad
B. It is a domestic firm that operates internationally through independent foreign agents
C. It has a parent firm established in one country with wholly owned branches and
subsidiaries in other countries
D. It is made up of two or more parent firms from different countries that co-own
operating businesses in two or more countries
21) If a contract requires the seller to deliver the goods to a carrier at a named place,
who will then carry the goods to the buyer, the risk of loss passes to the buyer
________.
A. when the goods leave the warehouse of the seller
B. as soon as he/she accepts the contract in writing
C. when the goods are handed over to the carrier at that place
D. at the time the contract is concluded
22) The ________ is responsible for carrying out the EUs monetary policy.
A. European Commission
B. European Court of Auditors
C. European Central Bank
D. European Economic and Social Committee
23) A ________ is a provision requiring a licensee to acquire or use, apart from the
technology wanted, goods or personnel designated by the licensor.
A. noncompetition clause
B. price-fixing clause
C. tying clause
D. no-challenge clause
24) A group of states that have reduced or eliminated trade barriers among themselves
but maintain their individual tariffs in dealing with other states is called ________.
A. a customs union
B. a free trade area
C. the United Nations System
D. an economic consultative association
25) Which of the following is a type of pecuniary right?
A. right of exhibition
B. right of reproduction
C. moral right
D. neighboring right
26) The trade term ________ is used when the seller fulfills his obligations to deliver
when the goods have been placed alongside the vessel on the quay or in lighters at the
named port of shipment.
A. free alongside
B. free on board
C. free carrier
D. common carrier
27) According to the principle of imputability, a state will be responsible for ________.
A. actions taken by an international organizations
B. acts of officials of other states
C. acts of private persons
D. actions taken by its officials
28) Which of the following is a term in a bill of lading that purports to extend to third
parties the carriers liability limits established by the Hague and Hague-Visby Rules?
A. Himalaya Clause
B. force majeure clause
C. voyage charterparty
D. ultra vires rule
29) Which of the following terms refers to a court order directing a party to carry out
the obligations he had contractually promised to do?
A. replevin
B. specific performance
C. cease and desist
D. prior restraint
30) The parts of a states economy that are not fully open to foreign investors are called
________.
A. exclusive economic zones
B. special economic zones
C. closed sectors
D. restricted sectors
31) A(n) ________ is a duty specifically levied to offset a subsidy.
A. countervailing measure
B. customs duty
C. safeguarding measure
D. excise duty
32) Which of the following features of a contract is excluded from the CISG?
A. the rights of third parties
B. the formation of the contract
C. the remedies available to the buyer
D. the remedies available to the seller
33) A legal relationship sufficiently close and direct to support a legal claim on behalf
of or against another with whom the relationship exists is referred to as ________.
A. accommodation
B. privity
C. mutual consent
D. claim preclusion
34) The making of a decision by general agreement and in the absence of any voiced
objection is called ________.
A. social referencing
B. expropriation
C. waiver
D. consensus
35) An international multinational enterprise differs from a multinational enterprise in
that an international multinational enterprise ________.
A. does not do business in its parent country
B. has only one parent company with many subsidiaries
C. has two or more parent companies located in different states
D. does not use subsidiaries
36) A(n) ________ is a document outlining the principles, functions, and organization
of a juridical entity.
A. charter
B. convention
C. self-executing treaty
D. dispositive treaty
37) A(n) ________ is a subsidiary company that in turn owns other subsidiaries.
A. agency
B. representative office
C. branch
D. holding company
38) A ________ is a share in the ownership of a company that entitles its owner to
rights in the company, including a proportionate part of the dividends and, upon
liquidation, of the capital assets.
A. debenture
B. bond
C. stock
D. banknote
39) Which of the following terms refers to a charge or claim against property that exists
to satisfy some debt or obligation?
A. lien
B. demurrage
C. certiorari
D. dead freight
40) The ________ is a contractual provision that identifies the law to be applied in the
event of a dispute over the terms or the performance of the contract.
A. rule of reciprocity
B. choice-of-law clause
C. per se rule
D. Noerr doctrine
41) A ________ is a negotiable instrument issued by a bank that represents a foreign
companys publicly traded securities and that, in turn, is traded on a local securities
exchange.
A. bill of exchange
B. banknote
C. promissory note
D. depository receipt
42) Which of the following terms refers to a contract in which the owner agrees to
provide the ship at a named port at a specified time and to carry the goods to the
contract destination?
A. voyage charterparty
B. no arrival, no sale contract
C. maritime lien
D. claused bill of lading
43) The CISG differs from the United States Uniform Commercial Code (UCC) in that
the CISG ________.
A. does not enforce unconscionable contracts
B. requires that parties act in good faith
C. defines goods as movable and tangible
D. applies sales laws only to merchants
44) A promissory note differs from a bill of exchange in that a promissory note
________.
A. cannot have a fixed date for payment
B. is not a written order to pay
C. is a two-party instrument
D. is always paid on demand
45) The ________ is the legal system of England and countries that were once English
colonies.
A. Sharia
B. public law
C. common law
D. civil law
46) ________ is an expression indicating that the legal fiction that a company is a
separate legal entity will be set aside and the shareholders of the company will be held
liable for its conduct as if they were partners in a partnership.
A. Fruit of the poisonous tree
B. Pierce the company veil
C. Ball park figure
D. Right of first refusal
47) The ________ was created in 1967 with the adoption of the Stockholm Convention.
A. Council of Europe
B. International Monetary Fund
C. World Trade Organization
D. World Intellectual Property Organization
48) The ILOs Convention Concerning Freedom of Association ________.
A. grants governments the right to prohibit workers from joining certain unions
B. grants workers the right to form trade unions free from governmental interference
C. protects workers from antiunion discrimination
D. protects unions from employer domination
49) When a bank is the maker promising to repay money it has received, plus interest,
the promissory note is called a ________.
A. check
B. letter of credit
C. deed
D. certificate of deposit
50) According to the excuse of ________, a party may not rely on a failure of the other
party to perform, to the extent that such failure was caused by the first partys act or
omission.
A. nachfrist notice
B. force majeure
C. anticipatory avoidance
D. dirty hands
51) A doctrine which states that all persons, including the sovereign, are subordinate to
the rule of law is called the ________.
A. Clean slate doctrine
B. Estrada doctrine
C. supremacy of the law
D. state responsibility
52) Which of the following is a function of the European Commission?
A. It acts as the principal initiator of overall policy for the EU
B. It drafts legislation for submission to the Council and the Parliament
C. It determines the EUs annual budget in conjunction with the Council of the EU
D. It coordinates the economic policies of the member states
53) In the case of a destination contract, the risk of loss passes to the buyer ________.
A. when the goods are handed over or placed at his disposal at that place
B. as soon as he/she accepts the contract in writing
C. when the goods are handed over to the first carrier for shipment
D. at the time the contract is concluded
54) Which of the following facilitates come under Special IMF Facilities?
A. reserve tranche
B. Special Arrangements
C. Concessional IMF Facility
D. Contingent Credit Lines
55) Which of the following is a permanent member of the Security Council?
A. the United States
B. India
C. Brazil
D. Germany
56) Distinguish between horizontal competition agreements and vertical competition
agreements.
57) How does the Islamic legal system function?
58) Discuss the ways in which toxic wastes are regulated internationally by the 1989
Basel Convention.
59) How does the risk of loss pass when goods are delivered without being transported?
60) What features should be present in a bill so that it meets promissory requirements?
61) What is a bonded warehouse?
62) Discuss the similarities between the provisions for trade-in-services in the GATS
and NAFTA?
63) Which doctrine is used by common law courts to refuse jurisdiction? Explain.
64) What is an invention?
