Cross-Border Transactions Law Exam Bank
Course Introduction
Cross-Border Transactions Law explores the legal frameworks and regulatory issues governing international business dealings. The course examines key concepts such as jurisdiction, conflict of laws, international contracts, dispute resolution mechanisms, and the role of international treaties and organizations. Students gain insight into the negotiation, structuring, and enforcement of cross-border agreements, as well as the implications of foreign investment laws, trade regulations, and international payment systems. Practical case studies provide a foundation for understanding the challenges and complexities that arise in multinational commercial transactions.
Recommended Textbook
International Business Law and Its Environment 10th Edition by Richard Schaffer
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21 Chapters
1349 Verified Questions
1349 Flashcards
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Page 2
Chapter 1: Introduction to International Business
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Sample Questions
Q1) The type of risk that includes controls on exports,imports,controls on the movement of currency,restrictions on licensing and investment,and controls over physical property located in a country is:
A) legal risk.
B) political risk.
C) economic risk.
D) currency risk.
Answer: B
Q2) In Gaskin v.Stumm Handel GmbH,the District Court ruled:
A) that employment contracts must be in writing.
B) that the plaintiff was excused from performing a contract written in German because he understood only English.
C) that the contract was unconscionable because it was written in a language foreign to the plaintiff.
D) that the plaintiff's signing of a jural document makes the signatory conclusively bound.
Answer: D
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Chapter 2: International Law and the World's Legal Systems
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Sample Questions
Q1) A treaty between two countries is said to be _____,and a treaty between three or more countries is said to be _____.
A) bitreaty; tritreaty
B) bitreaty; multitreaty
C) bilateral; multilateral
D) biratified; multiratified
Answer: C
Q2) The two classifications of national legal systems are civil law countries and common law countries.
A)True
B)False
Answer: True
Q3) A treaty between three countries is said to be trilateral.
A)True
B)False
Answer: False
Q4) Moral conduct is the preeminent concern in Islamic law.
A)True
B)False
Answer: True
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Chapter 3: Resolving International Commercial Disputes
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Sample Questions
Q1) A forum selection clause is:
A) contrary to public policy because it ousts the court of jurisdiction.
B) is upheld as long as it is reasonable, negotiated in an arm's length transaction, and absent a compelling reason not to honor it.
C) will not be upheld in Japan or the United States.
D) is upheld as long as it was voluntary.
Answer: B
Q2) When determining whether personal jurisdiction offends "traditional notions of fair play and substantial justice," the court evaluates several factors,including:
A) burden on the defendant.
B) the plaintiff's interest in having a convenient forum.
C) the forum's legitimate interests in the dispute.
D) all of these are correct.
Answer: D
Q3) Venue means the appropriate set of laws applicable to a case.
A)True
B)False
Answer: False
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5
Chapter 4: The Formation and Performance of Contracts
for the Sale of Goods
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Sample Questions
Q1) To use the concept of impossibility of performance as an excuse for nonperformance of a contract requires that the performance be objectively impossible.
A)True
B)False
Q2) Commercial impracticability is an excuse for nonperformance of a contract if it adds more than 20% to the cost of completing performance.
A)True
B)False
Q3) Specific performance is an equitable remedy requiring a party to pay the non-breaching party a specified sum of money for breach of contract.
A)True
B)False
Q4) Consequential money damages for breach of a sales contract may also include an amount for lost profits arising as a reasonably foreseeable loss due to the breach.
A)True
B)False
Q5) Compare and contrast the remedies for breach under the CISG and U.S.law.
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Chapter 5: The Documentary Sale and Terms of Trade
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Sample Questions
Q1) The two types of contracts named for the point at which responsibility for loss is transferred from seller to buyer is:
A) point of import, point of export.
B) origination, destination.
C) destination, shipment.
D) none of these; the seller always assumes the risk of shipment.
Q2) In an effort to satisfy an important customer in Portugal,the seller is willing to pay all ocean freight charges and bear all risks of the journey to the port of Lisbon.The buyer,however,has agreed to pay all unloading charges.The exporter should quote his prices:
A) DES Lisbon.
B) FAS Lisbon.
C) CIF Lisbon.
D) DEQ Lisbon.
E) None of these are correct.
Q3) Most buyers in an international sale are now willing to pay cash in advance in order to reduce credit risk.
A)True
B)False
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Chapter 6: Legal Issues in International Transportation
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Sample Questions
Q1) The three types of losses generally covered by marine insurance policies include all but which of the following?
A) Total losses of all or part of a shipment
B) Weighted average losses
C) General average losses
D) Partial or particular average losses
Q2) Draft an air waybill or consignment note for inland carriage.
Q3) The type of marine insurance policy that allows the exporter to issue a certificate of insurance on a form provided by the insurance company is called:
A) Unlimited policy.
B) Shipment specific policy.
C) Discretionary policy.
D) none of these are correct.
Q4) An air waybill:
A) is a contract between the consignor (shipper) and the carrier.
B) states the freight charges and other conditions of transport.
C) is a receipt stating that the carrier has received the goods in good condition and confirms the instructions for delivery.
D) all of these are correct.
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Chapter 7: Bank Collections and Letters of Credit
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Sample Questions
Q1) The type of letter of credit that can be split up between many suppliers,each able to present their own documents for payment and allowing the trader to take his profits from the balance of the credit,is called:
A) an irrevocable credit.
B) a revolving credit.
C) standby credit.
D) transferable credit.
Q2) 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.
Q3) The internationally accepted body of rules pertaining to letters of credit is:
A) Article 5 of the Uniform Commercial Code.
B) Uniform Customs and Practices for Documentary Credits.
C) Convention on Bills of Exchange and Promissory Notes.
D) Uniform Code of Practice for Letters of Credit.
Q4) Draft a letter of credit.
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Chapter 8: National Lawmaking Powers and the Regulation of
USTrade
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Sample Questions
Q1) Recalling the issue in Japan Line,Ltd.v.County of Los Angeles,write an international agreement on the taxation of cargo containers.
Q2) The International Trade Commission is:
A) the agency that collects customs duties.
B) the agency that prepares reports on matters related to international economics and trade for Congress.
C) the agency that promotes U.S. trade with other countries.
D) none of these are correct.
Q3) The Import-Export Clause gives power to the federal government and state governments to tax exports and imports.
A)True
B)False
Q4) The Import-Export Clause of the U.S.Constitution:
I.Prohibits the federal government from taxing exports.
II.Prohibits the states from taxing either imports or exports.
A) I only.
B) II only.
C) Both I and II.
D) Neither I nor II.
Page 10
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Chapter 9: The World Trade Organization: Basic Legal Principles
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Q1) An example of the GATT/WTO dispute settlement mechanism,Apple can file a complaint against Niger's government non-tariff barrier to limit the importation of iPads to the WTO's Dispute Settlement Body.
A)True
B)False
Q2) Which of the following is an example of a specific or flat 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 these are correct
Q3) In which of the following areas is the principle of nondiscrimination being central to the GATT evident?
A) Normal trade relations
B) National treatment
C) Elimination of quotas and quantitative restrictions
D) All of these are correct
Q4) Draft a document advocating the unilateral elimination of normal trade relations status for countries that do not abide by their WTO commitments.
Page 11
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Chapter 10: Laws Governing Access to Foreign Markets
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Sample Questions
Q1) Considering the problems with "mad cow" disease in the U.K.(and,perhaps,adjacent countries),write a regulation pertaining to the import of European beef.
Q2) Which of the following is not an instance in which the U.S.Trade Representative may take retaliatory action against a foreign country?
A) The foreign country's policies violate the legal rights of the U.S. and restrict U.S. commerce.
B) The foreign government permits forced labor.
C) The foreign government's policies are unreasonable or discriminatory and burden or restrict U.S. trade or foreign investment.
D) None of these are discretionary, rather, retaliation by the U.S. Trade Representative is mandatory in all three instances.
Q3) Only U.S.and Canadian manufacturers may submit their products to independent laboratories for testing in order to attach the CE mark before admitted into the EU.
A)True
B)False
Q4) Compare and contrast some of the remedies and sanctions under Section 301.
Q5) Compare and contrast unilateralism with bilateralism.
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Page 12
Chapter 11: Regulating Import Competition and Unfair Trade
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Sample Questions
Q1) A provisional measure is a tariff imposed by a country in order to ensure that dumping does not take place.
A)True
B)False
Q2) "Scenario"
Tax credits extended by the government of India to Indian companies in order to assist in the reduction of greenhouse gases emitted during the manufacturing process.
Q3) "Scenario"
Tax credits extended by the Japanese government to Japanese computer chip manufacturers on the basis of the volume of their chip sales in the United States.
Q4) If the International Trade Commission reaches an affirmative decision in an escape clause action,workers,firms,and communities may be eligible for federal adjustment assistance.
A)True
B)False
Q5) Assess the various legal "tools" available to the president to gain freer access to foreign markets for U.S.products.
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Chapter 12: Imports,Customs,and Tariff Law
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Sample Questions
Q1) Which of the following are not allowed to enter goods into the customs territory of the United States?
A) The purchaser of the goods
B) A customs broker authorized to act on behalf of the importer
C) Nonresident individuals and foreign corporations
D) All of these may enter goods
Q2) The purpose of country-of-origin marking requirements is to give consumers in the marketplace the information they need about the products they purchase.
A)True
B)False
Q3) Where the transaction value of merchandise cannot be determined,the U.S.Bureau of Customs and Border Protection will look to the dutiable value of identical merchandise imported under similar circumstances.
A)True
B)False
Q4) Compare and contrast GSP status with normal trade relations status.
Q5) Compare and contrast the different types of tariffs,considering which type would generally benefit the importing country.
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Chapter 13: Export Controls and Sanctions
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Sample Questions
Q1) The Department of Commerce has the responsibility for the control of nonmilitary commercial goods,commodities,and technology.
A)True
B)False
Q2) In Briggs and Stratton Corp.v.Baldridge,Briggs was blacklisted by Arab countries because of its compliance with U.S.anti-boycott regulations.Briggs subsequently brought a lawsuit claiming damages as a result of U.S.government action.Specifically,Briggs demanded "just compensation" under the Fifth Amendment "takings clause." The court: A) invoked sovereign immunity to avoid taking subject matter jurisdiction.
B) refused relief because the amount of damages was "speculative, at best."
C) refused relief because Briggs's property had not been "seized or restrained."
D) allowed relief, since Briggs could demonstrate a complete taking of certain contractual opportunities and reasonable investment expectations.
E) refused relief because Briggs lacked "standing."
Q3) Since the end of the cold war all controls have been abolished on all commodities going to Russia.
A)True
B)False
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Chapter 14: North American Free Trade Law
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Sample Questions
Q1) Harmonized tariff schedules break down product classifications into:
A) 6 digits.
B) 8 digits.
C) 10 digits.
D) 12 digits.
Q2) A customs union is:
A) a group of customs laws intended to reduce tariffs and stimulate trade.
B) a free trade area with a common external tariff.
C) a free trade area with no tariffs between the member nations.
D) a union of nations that promotes lower tariffs for international trade.
Q3) Trademarks are not protected under NAFTA and the owner of the trademark must register with the United States,Canada,and Mexico.
A)True
B)False
Q4) For most products undergoing a transformation in North America,the rule of origin will be based on:
A) its tariff classification.
B) the source of the raw material used in the production of the product.
C) its point of origin.
D) the product's label.
Page 16
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Chapter 15: The European Union
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Sample Questions
Q1) Compare and contrast EU directives with regulations,giving examples of each.
Q2) The EU's structure consists of:
A) Council of Ministers.
B) Court of Justice.
C) Parliament.
D) All of these are correct.
Q3) Compare and contrast EU Directives with EU Regulations.Which would the EU as a whole favor? Which would individual countries favor?
Q4) The Court of Justice is the final arbiter of EU law and consists of 15 justices,each appointed by the assembly for a term of six years.
A)True
B)False
Q5) Write a memorandum advocating for or against the entrance of Turkey into the EU.
Q6) Compare and contrast the European Court of Justice with the U.S.Supreme Court.
Q7) 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
Page 17
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Chapter 16: Marketing: Representatives,Advertising,and
Anti-Corruption
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Sample Questions
Q1) An American manufacturer is setting up a manufacturing plant in China.A Chinese telecommunications worker has asked the American firm's agent to pay him a fee of $500 for setting up Internet service in the new plant.Under the FCPA,if the American agent pays the fee,it will be considered:
A) perfectly legal; the Chinese telecommunications firm deserves to be paid for its services.
B) questionable; the American agent should confirm that this is the appropriate amount and person to pay for the service.
C) totally illegal; it is obviously a bribe.
D) none of these are correct.
Q2) In order to be liable for illegal payments made to foreign officials,the payment must be made directly to the official from the firm receiving the favors granted.
A)True
B)False
Q3) One of the key criticisms of the accounting provisions of the FCPA is its failure to define a standard for materiality.
A)True
B)False
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Chapter 17: Protection and Licensing of Intellectual Property
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Q1) Company A wants to use some technology that Company B has developed,so Company A pays Company B a license fee,called a(n):
A) permission fee.
B) royalty.
C) IPR.
D) rights payment.
Q2) Many technology transfer agreements prevent the licensee from selling goods to persons that will bring the product back to the licensor's country for sale in direct competition with the licensor.
A)True
B)False
Q3) Copyright protection for works of authorship available through the Internet is expressly provided by:
A) The Berne Convention.
B) The WIPO Copyright Treaty.
C) The TRIPS Agreement.
D) none of these are correct.
Q4) Refer to Exhibit 17-1.What terms could AUSA have included in its contract with HPI that could have avoided this legal morass?
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Chapter 18: The Legal Environment of Foreign Direct Investment
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Sample Questions
Q1) Often,investors must create legal structures for their investment that will maximize the foreign venture's U.S.dollar resources.These might include:
A) borrowing start-up money in local currency.
B) buying supplies and services locally, using local currency.
C) building unitary index adjustment factors into contractual payment terms.
D) all of these are correct.
Q2) 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 these are correct.
E) The International Chamber of Commerce and the International Centre for the Settlement of Investment Disputes only.
Q3) Assess the arguments for and against taxing e-commerce at an international level as opposed to a domestic level.
Q4) Compare and contrast the partial sale,trade sale,and concession models of privatization.
Q5) Write a memo to the legislature advocating the adoption of a particular tax exemption system.
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Chapter 19: Labor and Employment Discrimination Law
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Q1) The European Union treaties prohibit discrimination on the basis of:
A) religion.
B) ethnic background.
C) nationality.
D) all of these are correct.
Q2) In Germany,workers:
A) can be dismissed at the will of the employer.
B) participate in corporate decisions.
C) are often represented on boards of directors.
D) can be dismissed at the will of the employer and participate in corporate decisions.
E) participate in corporate decisions and are often represented on boards of directors.
Q3) Which of the following classifications are treated most similarly under the laws of Europe,the United States,and Japan?
A) Religion
B) Nationality
C) National origin
D) Sex
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Chapter 20: Environmental Law
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Sample Questions
Q1) To minimize the effects and expansion of climate change,many nations,particularly those in Europe,are pushing hard for a global reduction in the use of:
A) genetically modified organisms.
B) pesticides.
C) solar energy.
D) fossil fuels.
Q2) NAFTA's Commission for Environmental Cooperation is committed to improving issues related to greenhouse gas emissions,which are concentrated gasses in the Earth's atmosphere derived from:
A) coal mining.
B) strip mining.
C) burning fossil fuels.
D) extracting oil from shale.
Q3) Most of the developing countries of Africa and Latin America are free from the environmental pollution of the heavily industrialized nations.
A)True
B)False
Q4) Reflecting on the "Circle of Poison," draft a bill regarding pesticide exports.
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Page 22
Chapter 21: Regulating the Competitive Environment
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Q1) Under the European Commission's block exemption,the parties whose agreements fall under certain exempted categories only have to seek de minimis approval for their transactions to be considered exempt under competition law.
A)True
B)False
Q2) Due to the fact that foreign competition law violations offer few,if any,damage awards,there is very little private litigation.
A)True
B)False
Q3) In China,a qualifying merger or acquisition is referred to as a:
A) concentration of businesses.
B) concentration of undertakings.
C) controlled undertaking.
D) none of these are correct.
Q4) The European Court of Justice has issued a decision giving franchisor-franchisees great flexibility in structuring.
A)True
B)False
Q5) Write an argument that clawback provisions violate international law.
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