Law 350 Final
Licensing agreements are contracts where the holder of the intellectual property grants certain rights in that property to another for a specific time and under specific conditions in return for payment. True/False?
True
Methods to resolve international business disputes can include mediation, arbitration and litigation. True/False
True
T/F - In a civil law country, a civil code is typically divided up into sections, each dealing with a different issue such as marriage, divorce, custody .
True
T/F An "all risks policy" covers all risks except those specifically excluded in the policy.
True
T/F Because of Confucian influences, there is a rigid social hierarchy with little challenge to bureaucracy and strict adherence to rank and power.
True
T/F If the issuing bank buys documents that contain a discrepancy, the bank cannot seek reimbursement from the account party, its customer.
True
T/F In "judicial precedent," a judge hearing a case is generally bound by legal principles underlying previous decisions of a higher court involving broadly similar facts.
True
T/F In China the highest body of the Chinese government is the State Council, presided by the Premier.
True
T/F In China, local government only have such power as the central government chooses to delegate to them.
True
Examples of impossibility of performance include all but the death of one of the parties inability to pay money the performance become illegal the destruction of the specific subject matter
inability to pay money
Recommended tips for doing business in China include focusing on: patience, persistence, preference. principles, preference, power. patience, persistence, product. power, prestige, persistence.
patience, persistence, product.
A letter of credit whose payment is assured by two banks is a(n): A. Confirmed Letter of Credit. B. Irrevocable Letter of Credit. C. Letter of Credit with Stipulations. D. Standby Letter of Credit.
A
The bank that is responsible for inspecting the documents to be sure they are in order, remitting payment to the seller, and negotiating the documents to the buyer is called: A. Issuing bank. B. Negotiating bank. C. Advising bank. D. Lading bank.
A
There are many different types of bills of lading. The one that the book advises that most buyers insist the seller provide is: A received-for-shipment bill of lading. A straight bill of lading. An on-board bill of lading. A clean, on-board bill of lading.
A clean, on-board bill of lading.
ABC Wheat Sales, Inc. has a contract with Zambia to supply 1,000,000 bushels of wheat. Before shipment, the U.S. government put an embargo on the sale of wheat to Zambia. ABC Wheat Sales cannot ship. In a legal action: ABC Wheat Sales will be excused from performance because of the doctrine of impossibility of performance. None of the other choices are correct. ABC Wheat Sales would be liable for breach of contract and have to pay damages. ABC Wheat Sales will have to get wheat from other sources and specifically perform.
ABC Wheat Sales will be excused from performance because of the doctrine of impossibility of performance.
China has a division of state power that consists of: All of the other choices are correct. legislative power administrative power judicial power
All of the other choices are correct.
All of the following are true EXCEPT a tariff is a tax or duty on an import tariff rates are determined by trade negotiations between nations. All the choices are true statements. There is no exception the most common import barriers are tariffs and non tariff barriers. A quota is a quantitative restriction on imports limiting the quantity of an item that may enter a country annually.
All the choices are true statements. There is no exception
Ocean carriers are not liable for more than $500 per package where the shipper has had: A. The opportunity to purchase marine insurance. B. The opportunity to indicate the nature and value of the goods on the bill of lading. C. The opportunity to declare the value of the goods on the export license. D. The opportunity to repackage the goods before shipment.
B
The documentary collection is the process by which: Carriers consolidate cargo for shipment on a vessel. Buyers collect their goods at the port of entry. Sellers must place their account into the hands of a debt collection agency in order to obtain payment from the buyer. Banks collect payment from the buyer.
Banks collect payment from the buyer.
The purpose of the bill of lading is to: None of the other choices are correct. Transfer title of the goods to the freight forwarder. Enable the seller to transfer title of the goods to the buyer and receive payment. Prevent shipping delays.
Enable the seller to transfer title of the goods to the buyer and receive payment.
In order to prove the carrier's liability under COGSA in court, the plaintiff must prove that the goods were loaded in a good condition and unloaded in a damaged condition or lost. This is usually done by: A. Questioning the captain of the ship as to the condition of the goods B. Testimony from the shipper that the goods were in good condition when loaded into the container. C. Producing a clean bill of lading as evidence D. There is a rebuttable presumption that the goods were damaged when they were unloaded, and the carrier must prove that they were not.
C
The rule that usually prevails for interpreting documents that are submitted to a bank for payment under a letter of credit is commonly called the: A. Good faith rule. B. Reasonable compliance rule. C. Strict compliance rule. D. Holder in due course rule.
C
All of the following are true statements EXCEPT: China does not have a unified civil or commercial code. The PRC General principles of Civil Law and the PRC Contract Law apply in matters of domestic trade. The United Nations Convention on Contracts for the International Sale of Goods (CISG) has been adopted by China as an important set of rules governing international trade. China has adopted a codified system of commercial law entitled the "Uniform Commercial Code" for all commercial transaction law.
China has adopted a codified system of commercial law entitled the "Uniform Commercial Code" for all commercial transaction law.
The most prominent legal system in the world is the : Socialist system Common law system Islamic system Far Eastern system Civil Law system
Civil Law system
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.
D
In the event that a discrepancy is found in the documents presented under a letter of credit, the bank may request a waiver or: A. Resubmit the draft. B. Void the transaction. C. Refuse delivery. D. Refuse to pay against documents.
D
Ocean carriers are exempted from liability for which of the following: A. Insufficiency of packing. B. Errors in the navigation or management of the ship. C. Acts of God. D. All of choices are correct. Ocean carriers are exempted from liability in each of the other choices.
D
The U.S. law that governs the liability of an ocean carrier for transporting goods from one U.S. port to a foreign port is the: A. The Hague Rules. B. The Uniform Commercial Code. C. The Harter Act. D. The Carriage of Goods by Sea Act.
D. The Carriage of Goods by Sea Act.
Shipping of goods for entry into another country is called importing. True/False?
False
T/F A Chinese businessperson would be considered more of a business risk taker than his/her Western counterpart.
False
T/F A cultural trait of Western businesspersons would include contextual expression.
False
T/F A cultural trait of Western businesspersons would include highly interpersonal.
False
T/F A remedy for the breaching party to pay monetary damages for the breach is called specific performance.
False
T/F A tort is a criminal cause of action brought by a prosecutor representing the government.
False
T/F ABC Sales (owner) entrusts 1,000 boxes of widgets to XYZ Ocean Transport for carriage and delivery overseas to its buyer. ABC Sales is a bailee. XYZ Ocean Transport is the bailor.
False
T/F As in common law systems, case law constitutes binding judicial precedent that must always be followed.
False
T/F Guanxi means disconnection.
False
T/F In China, the major trial court is the "Federal District Court."
False
T/F Marine insurance policies usually cover losses due from acts of war.
False
T/F Ocean carriers are liable if cargo is damaged as a result of errors in the navigation of the ship.
False
T/F Thailand is categorized as a mixed legal system of civil law and common law.
False
T/F The most prominent religious influence has been from Hinduism in China.
False
A good faith purchaser is one who purchases a document of title: With understanding that the seller had acted in good faith in selling the goods. In good faith and by endorsement from the seller's bank. For value, in good faith, in the ordinary course of business. For value, in good faith, directly from the seller.
For value, in good faith, in the ordinary course of business.
What portion of the top multinational companies have subsidiaries is China? Four fifths. One half One fourth Two thirds.
Four fifths.
Common law countries include all of the following except: Great Britian United States Canada France
France
All of the following are true about the civil law system except: Germany, Spain, France, Italy, England and the other European Union countries of Europe are all part of the civil law system. There is no exception. All of the other questions are true. It was influenced by Roman law. Almost the entirety of South and Central America adopts the civil law system.
Germany, Spain, France, Italy, England and the other European Union countries of Europe are all part of the civil law system.
All of the following are considered to be a mixed civil law/common law country except: Malta Botswana Greece State of Louisiana in the U.S.
Greece
All of the following are true about the common law system except: All of the other choices are correct. There is no exception. Australia, New Zealand, the USA, Canada, Kenya, Zambia, Kenya are part of the common law system. It is like the civil law system in its reliance and cornerstone on a civil code. evolved originally from the principles developed by judges when deciding cases before them.
It is like the civil law system in its reliance and cornerstone on a civil code.
Communication is considered an offer when: It is sufficiently definite and indicates an intention to be bound. It leaves the quantity or price terms open. It is made in writing and signed It is in the form of an advertisement.
It is sufficiently definite and indicates an intention to be bound.
A holder in due course, as defined by the U.C.C., includes which of the following? A holder in due course: Must have given a "just price" as consideration for the document or instrument. Must be unrelated to the original document holder. Must have taken the instrument for value and without notice it is overdue or has been dishonored. All of the other choices are correct.
Must have taken the instrument for value and without notice it is overdue or has been dishonored.
Ocean carriers are liable for damages resulting from which of the following: Providing a seaworthy ship at the beginning of the voyage. Mismanagement of the ship that causes a shipwreck. Errors in navigation that cause a mid-ocean collision. All of the other choices are correct.
Providing a seaworthy ship at the beginning of the voyage.
All of the following are categorized as a common law system EXCEPT Canada Scotland Australia U.S.
Scotland
Yin and Yang are concepts from: Taoism Confusianism None of the other choices are correct. Buddism Islam
Taoism
The CISG applies to contracts for sale in which of the following situations: consumer goods sold for personal, family or household use. stocks, securities or money. electricity The CISG does not apply to contracts for the sale in any of the choices. contracts where the parties specifcally agree to "opt out" of the CISG or where they choose to be bound by sone other law.
The CISG does not apply to contracts for the sale in any of the choices.
A merchant in Thailand and a buyer in the U.S. sign contracts for 1,000,000 shirts. Thailand has adopted the Convention on Contracts for the International Sale of Goods (CISG). If there is a breach of contract and a lawsuit, Neither the UCC nor CISG will apply. The Uniform Commercial Code (UCC) will apply since the buyer is a U.S. company. The CISG will apply since all the requirements have been met. The CISG will not apply since the requirement of "legal selection" has not been met. None of the other choices are correct.
The CISG will apply since all the requirements have been met.
According to Incoterms, the risk of loss or damage to goods under a CIF contract passes from seller to buyer when: Title to the goods passes to the seller. The goods leave the seller's place of business. The goods cross the ship's rail at the port of shipment. The goods are unloaded at the port of destination.
The goods cross the ship's rail at the port of shipment.
Characteristics of contract negotiations in Japan reflect all but The Japanese desire for group harmony and consensus. All of the other choices are characteristic of contract negotiations in Japan. The importance of not losing face or becoming embarrassed. The presence of lawyers during the negotiations to insure that their clients' legal interests are protected. The desire to develop a long-lasting business relationship.
The presence of lawyers during the negotiations to insure that their clients' legal interests are protected.
All of the following are true statements about whether contracts for the sale of goods must be in writing EXCEPT: Under the UCC, American law requires contracts for sale of goods over $500 need be in writing. There is no EXCEPTION. All of the other choices are true. Laws of many nations differ as to whether contracts for sale of goods must be in writing. Under CISG, international sale of goods contracts need not be evidenced by a writing.
There is no EXCEPTION. All of the other choices are true.
As a general rule, in civil and common law countries, examples of public law include all of the following except: Administrative Law Constitutional Law There is no exception. All choices are examples of public law. Criminal Law
There is no exception. All choices are examples of public law.
All of the following is true about China's legislative system EXCEPT has elements borrow from the former Soviet Union. There is no exception. All of the choices are correct. has inherited some elements from traditional Chinses law. it has some characteristics of the civil law family.
There is no exception. All of the choices are correct.
Formal sources of China's modern law consists of statutes from all of the following different levels EXCEPT: International Treaties and International Custome There is no exception. All of the other choices are sources of modern law in China. Administrative Regulations its Constitution Law of SARs
There is no exception. All of the other choices are sources of modern law in China.
Foreign direct investment refers to ownership and operation or control of assets of a business in a country by a resident or national of a different country. True/False?
True
Forms of international business include trade, intellectual property and direct foreign investment True/False?
True
T/F In the United States, a uniform system of rules regulating many forms of commercial activity such as the sale and leasing of goods, negotiable instruments, letters of credit, bills of lading was put together into a code entitled entitled the Uniform Commercial Code which has been incorporated into all states (except Louisiana which has adopted most of it.)
True
T/F In virtually all legal systems, the offeree may accept an offer at any time until the offer is revoked, rejected, expires, terminates, the offeree makes a counteroffer.
True
T/F Jordan is categorized as a mixed system of Muslim law, civil law and customary.
True
T/F Laws in China are enacted by the National People's Congress (NPC.)
True
T/F Ocean carriers are liable if cargo is damaged because it was left exposed to rain during the journey.
True
T/F Offers generally can be taken back or withdrawn any time prior to acceptance.
True
T/F Private law consists of rules of law that govern the relationship between private individuals.
True
T/F Public law consists of rules regulating the relationship between the individual and the state.
True
T/F South Korea is categorized as a mixed system of civil law and customary law.
True
T/F The CISG applies where a contract is for the commercial sale of goods, it is between parties whose places of business are in different countries and those countries have ratified the CISG.
True
T/F The CISG only governs the formation of a contract and the rights and duties of the seller and buyer. It does not provide rules for determining if a contract is valid or if a party to the contract is legally competent or has engaged in fraud. Those rules are left to individual countries to determine.
True
T/F The Constitution of China is the highest source of law in the land.
True
T/F The Harter Act governs the liability of carriers for damage to goods being transported from one U.S. seaport to another U.S. seaport.
True
T/F The basic risks of an ocean voyage are covered in the perils clause.
True
T/F The constitution of the UK is not "written," i.e. there is no single document entitled the constitution.
True
T/F The issuing bank will honor the draft as long as the documents appear to be in good order on their face and correspond to the terms of the letter of credit, regardless of the conditions of the goods received.
True
T/F letters of credit are recognized in all modern legal systems of the world.
True
The Civil Law System is the most prevalent system in the world. True/False?
True
Venue is about the geographic location within court's jurisdiction. True/False?
True
When a court has the authority to hear a lawsuit and enforce a judgement, it has jurisdiction. True/False?
True
All of the following are part of the Civil Law System except: United States Greece Germany Italy
US
A provision in a contract that provides for a particular jurisdiction where all disputes will be litigated or arbitrated a) Can be upheld as long as it is reasonable, negotiated in an arm's length transaction, and absent a compelling reason not to honor it. b) Will not be upheld in Japan or the United States. c) none of the other choices are correct. d) Contrary to public policy because it ousts the court of jurisdiction.
a
International business law: developed from law merchant and maritime law. is the body of law and regulations that governs cross- border business transactions and activities of those engaged in doing business in foreign countries. it includes both public and private international law. all choices are correct.
all choices are correct.
The term for the shipment of goods out of a country or rendering of series to a foreign buyer in another country is a) importing b) exporting c) lading d) harmonization of goods
b
When parties in an international business dispute submit the matter to a neutral person to facilitate a non-adversarial process and friendly resolution, this is called: a) arbitration b)mediation c) litigation d) None of the other choices are correct.
b
All of the following are true about intellectual property rights EXCEPT a) They include patents, trademarks, copyrights, and trade secrets. b) they are legal rights to intellectual activity in industrial, scientific, literary and artistic fields. c) there is no exception. All the other choices are correct. d) they include methods for achieving a commercial objective, industrial designs, models and geographical indications.
c
All of the following are true about multinational corporations EXCEPT: a) Is a global enterprise that has interrelated corporate entities connected through complex stock ownership. b) They have significant foreign direct investments assets c) Typically has a parent company in a host country and foreign affiliates in host countries d) Is usually a single legal entity.
d
All of the following are true about private international law except: a) it deals with rights and duties of individuals, private parties or corporations in international activities. b) it deals with sales contracts and shipping contracts. c) it deals with procedural rules for how courts resolve private international disputes d) it deals with treaties or contracts between nations
d
Law can come from all of the following sources except: judicial or case law there is no exception, all of the other choices are correct. constitutions legislative law
there is no exception, all of the other choices are correct.
