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The purpose of the bill of lading is to:
a. Transfer title of the goods to the freight forwarder.
b. Prevent shipping delays.
c. Enable the seller to transfer title of the goods to the buyer and receive payment.
d. None of the above.
Because no dissenting opinions are issued, no ruling is made by the Court of Justice
until all judges are in agreement.
a. True
b. False
Because negotiable bearer documents are transferred by delivery, they are not used in
foreign trade.
a. True
b. False
Under common law, a contract is formed when the notice of acceptance has been sent
by the mode required by the other party under the mailbox rule.
a. True
b. False
Under the Foreign Sovereign Immunities Act, federal courts in the U.S. cannot hear
which of the following cases:
a. The foreign government breached a contract with the U.S. firm for the sale of goods.
b. A dispute over the amount of compensation paid by a foreign government to a U.S.
investor when the investor's real estate was taken to build a national airport.
c. The foreign government is being sued for money damages sought as a result of
personal injury or death caused by the foreign government or its agents in the United
States.
d. All of the above are exceptions.
Caribbean nations that do not cooperate with the U.S. in the enforcement of U.S. drug
laws do not qualify for assistance under the Caribbean Basin Economic Recovery Act.
a. True
b. False
Government agencies in the U.S. are not allowed to insure payments made to a U.S.
bank if the underlying contract between the buyer and seller is entirely independent
from the letter of credit.
a. True
b. False
Historically, multinational corporations were at a disadvantage in contact negotiations
with developing countries.
a. True
b. False
The Reciprocal Trade Agreements Act provides the president with a mechanism:
a. For lowering U.S. tariffs and encouraging other countries to lower their rates as well.
b. For setting quotas on products that can be imported into the U.S.
c. For providing financial assistance to U.S. companies exporting to foreign countries.
d. For lowering U.S. tariffs by threatening or imposing an embargo on another nations'
products.
In certain cases, a court excuses nonperformance of a contract where an unexpected and
unforeseeable event occurs that frustrates the purpose of the contract.
a. True
b. False
A letter of credit is a contract between:
a. The seller and the buyer's bank.
b. The buyer's bank and the seller's bank.
c. The sellers and their own bank.
d. The buyers and their own bank.
The requirements for import relief under U.S. law include all of the following except:
a. Increased imports.
b. Imports are substantial cause of serious injury or threaten injury.
c. Domestic industry produces a product that is like or directly competitive with the
import.
d. Circumstances causing this situation were unforeseen.
The symbol of an approved product in Japan is the government-authorized Japan
Industrial Standards Mark.
a. True
b. False
Which U.S. Act prohibits mergers and acquisitions when the effect may be substantially
to lessen competition or to tend to create a monopoly?
a. The Clayton Act
b. The Hart-Scott-Rodino Act
c. The Smoot-Hawley Act
d. The Kyoto Protocol
The jurisdiction of the International Court of Justice upon its members in a dispute is
compulsory.
a. True
b. False
Cultural influences play an insignificant role in the way people approach contract
negotiations and contract drafting.
a. True
b. False
Prohibitions against agreements that restrict competition are relevant in international
business transactions.
a. True
b. False
In order to avoid double taxation on the income of foreign subsidiary companies, U.S.
tax law:
a. Does not tax income repatriated to the U.S. parent company.
b. Allows the U.S. parent company to take a 100 percent tax credit for foreign income
taxes paid.
c. Provides a deduction for foreign income taxes paid.
d. None of the above. U.S. companies are usually subject to double taxation when they
have foreign subsidiaries.
In 1625, Hugo Grotius wrote a landmark book on international law called On the Law
of War and Peace. In it, he stated that the law of nations:
a. was divinely given.
b. arose by common agreement and by the accepted practice of nations.
c. recognized that all states are equal.
d. all of the above
For a federal court to have personal and subject matter jurisdiction the requirement is
a. U.S. citizenship of at least one party
b. The plaintiff is from Hawaii and the defendant is from Sweden
c. The amount of controversy is at least $75,000.00
d. Both b and c.
Under NAFTA's Environmental Side Agreements:
a. Mexican environmental laws must gradually approach U.S. and Canadian standards
for clean air, clean water, and hazardous waste.
b. U.S. industries can request a tariff on the import of products from Mexico that are
produced under environmentally unsustainable methods.
c. NAFTA benefits may be suspended where any state party has shown a pattern of
failure to effectively enforce its environmental law.
d. A and B.
e. A and C.
