International Economic Law
Midterm Exam
Course Introduction
International Economic Law explores the legal frameworks and institutions governing economic relations across national borders. This course examines the rules and principles that regulate international trade, investment, and monetary relations, with a focus on the roles of organizations such as the World Trade Organization (WTO), International Monetary Fund (IMF), and World Bank. Students will analyze treaties, dispute settlement mechanisms, and the impact of international economic law on national sovereignty, development, and globalization. The course also addresses contemporary issues such as trade wars, economic sanctions, and the regulation of multinational corporations, preparing students to critically assess the legal challenges and opportunities within the global economy.
Recommended Textbook
International Business Law and Its Environment 10th Edition by Richard Schaffer
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Page 2
Chapter 1: Introduction to International Business
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Q1) The three forms of international business are exporting,importing,and licensing.
A)True
B)False
Answer: False
Q2) If a party does not fulfill their obligations as set forth in a sales contract,it is known as:
A) non-payment.
B) termination.
C) non-performance.
D) all of these are correct.
Answer: C
Q3) Non-tariff barriers,such as technical standards,do not have a significant influence on how firms make their trade and investment decisions.
A)True
B)False
Answer: False
Q4) Trade consists of the import and export of goods or services.
A)True
B)False
Answer: True
Page 3
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Chapter 2: International Law and the World's Legal Systems
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Q1) The forum for public international law disputes is:
A) The World Forum.
B) International Court of Justice.
C) The League of Nations.
D) The Hague.
Answer: B
Q2) Which of the following is not part of the structure of the United Nations?
A) General Assembly.
B) Security Council.
C) Secretary General.
D) House of Representatives.
Answer: D
Q3) In a socialist country,the legal system:
A) reflects the private ownership of property.
B) is similar to the English common law system.
C) exhibits no need for commercial law because such disputes are settled politically.
D) none of these are correct.
Answer: C
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4
Chapter 3: Resolving International Commercial Disputes
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Q1) Under the Full Faith and Credit Clause of the U.S.Constitution,a decision by a New York court will be enforced by a New Jersey court.
A)True
B)False
Answer: True
Q2) One popular form of dispute settlement is arbitration.This is defined as:
A) rules in admissibility of evidence.
B) submission for determination of the disputed matter to a private unofficial person selected by agreement.
C) interlocutory determination by a judge.
D) none of these are correct.
Answer: B
Q3) With mediation as a form of dispute resolution,the parties may at any point initiate litigation or agree to submit the dispute to arbitration.
A)True
B)False
Answer: True
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5
Chapter 4: The Formation and Performance of Contracts for the Sale of Goods
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Q1) Both the U.S.and France have ratified the Convention on Contracts for the International Sale of Goods (CISG).A buyer in France and a seller in the U.S.enter into a contract for the sale of widgets.If a dispute arises:
A) the CISG will apply since all the requirements have been met.
B) the CISG will not apply since the requirement of "legal selection" has not been met.
C) the Uniform Commercial Code (UCC) will apply since the seller is a U.S. company.
D) neither the UCC nor CISG will apply.
Q2) Negotiations style in Japan can be characterized as:
A) aggressive.
B) win-win.
C) passive.
D) harmony, personal dignity, consensus.
Q3) Write a contract (between a U.S.buyer and a German seller)that includes some provision of German law.
Q4) "Scenario"A claim of formation of a contract based upon a purported acceptance of an offer mailed by a Chinese offeree but never received by the American offeror.
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Page 6
Chapter 5: The Documentary Sale and Terms of Trade
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Q1) In Basse and Selve v.Bank of Autralasia,the seller submitted a phony sample of ore to an inspection company to obtain a Certificate of Analysis showing high- grade ore.On the basis of the certificate,the seller paid for the documents and took delivery of the ore.The ore turned out to be worthless.The court ruled that:
A) the bank had an obligation to inspect the ore before paying for the documents on behalf of the buyer.
B) the buyer had a cause of action against the chemist for fraud.
C) the bank had acted properly in paying the seller even though the ore did not conform to the contract because the certificate was regular on its face.
D) the bank had acted properly in paying the seller because the bill of lading was negotiable.
Q2) The title of the goods sold in a documentary sale is transferred through:
A) negotiation of the document only.
B) delivery of the goods only.
C) negotiation of the document and delivery of the goods.
D) title to the goods is not transferred in a documentary sale.
Q3) Draft a contract that includes shipping terms.
Q4) Draft a bill of lading.
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Chapter 6: Legal Issues in International Transportation
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Q1) Describe how a shipper and the party requesting shipment of goods would frame and address a ship-board fire that destroyed the goods.
Q2) Write an insurance policy for air or sea carriage.
Q3) What are the differences and similarities between a freight forwarder and a non-vessel operating common carrier and the relative benefits of using each?
Q4) A carrier is liable to the buyer of cargo for a shortage if the amount of cargo in the container on arrival is less than that stated in the seller's commercial invoice.
A)True
B)False
Q5) In the history of maritime law,which of the following is one of the most influential and detailed medieval codes from the twelfth century?
A) The Code of Normandy
B) The Rolls of Oleron
C) Rhodian Law
D) The Mansfield Code
Q6) Draft an air waybill or consignment note for inland carriage.
Q7) Compare and contrast the liability of air carriers and sea carriers.
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Chapter 7: Bank Collections and Letters of Credit
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Q1) 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.
Q2) 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
Q3) Under a documentary collection,the banks are acting as the agent of the buyer for collection purposes.
A)True
B)False
Q4) In order to negotiate an order instrument,it must be indorsed and delivered.
A)True
B)False
Page 9
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Chapter 8: National Lawmaking Powers and the Regulation of
USTrade
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Q1) The power of a president to issue Executive Orders do not include:
A) The power to replace federal statutes.
B) The power to create a new law in a "void" area in which Congress has not acted.
C) The power to act in an area authorized by the Congress Supremacy Clause.
D) The power to replace federal statutes and the power to create a new law in a "void" area in which Congress has not acted.
Q2) The unconditional most favored nation policy provides that a lower tariff rate negotiated with one nation automatically grants lower tariff rates to like products imported from all nations that stand in most favored nation status with the U.S.
A)True
B)False
Q3) Congress has delegated to the president the authority to carry out the trade policies that it has set by statute.
A)True
B)False
Q4) Compare and contrast the powers of Congress and the president with regard to the regulation of trade (for example,customs and imports).
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Chapter 9: The World Trade Organization: Basic Legal Principles
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Q1) An embargo only applies to imports from Cuba,Sudan,North Korea,and Egypt.
A)True
B)False
Q2) For the most part,trade in textiles and services are not regulated by the GATT system.
A)True
B)False
Q3) Explain the similarities and differences between "like products" and "directly competitive products."
Q4) Compare and contrast unconditional and conditional MFN trade.
Q5) According to GATT,quotas are considered acceptable devises for regulating trade only where:
A) a nation is imposing a temporary safeguard to protect its balance of payments.
B) they are enacted into law by a nation's legislative body.
C) nations are engaged in a trade war.
D) a nation has first petitioned the United Nations for permission to do so.
Q6) 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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Q1) A product standard is a technical requirement imposed by the Department of Commerce's technical bureau as to the product's characteristics before permitted into the country.
A)True
B)False
Q2) 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
Q3) The Agreement on Government Procurement reverses the general GATT rules that allow government agencies to favor domestic products.
A)True
B)False
Q4) The WTO General Agreement on Trade in Services defines international services as:
A) international telephone calls.
B) consumption abroad.
C) U.S. Immigration officials.
D) both international telephone calls and consumption abroad.
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Page 12
Chapter 11: Regulating Import Competition and Unfair Trade
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Q1) Under U.S.law,antidumping duties can be imposed where:
I.It is determined that a class of foreign merchandise is being,or likely to be,sold in the U.S.at less than fair value,and a domestic industry is injured as a result.
II.A domestic industry needs protection to update its technology to compete with the dumped product.
A) I only.
B) II only.
C) Both I and II.
D) Neither I nor II.
Q2) Subsidies including domestic subsidies are regulated under the GATT Agreement.
A)True
B)False
Q3) When a petition for import relief is filed with the International Trade Commission,the ITC conducts an investigation and must consider all the following factors except:
A) idling of productive facilities in the industry.
B) unemployment in the industry.
C) ability of industry to shift to production of other products.
D) increase in imports.
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Chapter 12: Imports,Customs,and Tariff Law
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Q1) In 1997,U.S.Customs adopted a "checklist" that provides an absolute legal standard of reasonable care to be used by importers.
A)True
B)False
Q2) Upon entering goods for use or consumption,all necessary documentation and duties,fees and taxes must be paid within five days.
A)True
B)False
Q3) In determining the description of an article under the tariff schedules,the courts rely on:
A) common meaning.
B) WTO definitions.
C) scientific authorities and expert witnesses.
D) common meaning and scientific authorities and expert witnesses.
Q4) The U.S.and Canada have both adopted the Harmonized Commodity Description and Coding System.
A)True
B)False
Q5) Contrast the traditional "name,character,and use" test with that used presently.
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Chapter 13: Export Controls and Sanctions
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Q1) The trade sanctions against the Castro government in Cuba has been successful in encouraging a more democratic style representation.
A)True
B)False
Q2) In the United States,the office that initially reviews and rules on license applications is the:
A) Bureau of Industry and Security.
B) Office of Export Trade Control.
C) Export Administration Board.
D) Export Policy Operations Committee.
Q3) The Department of Commerce has the responsibility for the control of nonmilitary commercial goods,commodities,and technology.
A)True
B)False
Q4) Companies in some countries cooperate with the boycott against Israel.
A)True
B)False
Q5) Compare and contrast unilateral export controls with multilateral controls.
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Chapter 14: North American Free Trade Law
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Q1) In Samsonite v.United States,the court found that:
A) Samsonite luggage was causing serious injury to the Canadian luggage market.
B) processing of the metal strips was a fabrication, and therefore not qualified for duty-free treatment.
C) the processing of the metal strips was a mere assembly and therefore qualified for duty-free treatment.
D) Samsonite luggage did not cause serious injury to the Mexican luggage industry.
Q2) Create a regulation regarding reciprocity of professional licenses.
Q3) The maquiladora industry has had both a positive and a negative social and economic impact on the people of Mexico.Assess the relative merits of legislating corporate social responsibility to the residents and towns in which they operate.
Q4) Canada,Mexico,and the United States phased out,over a ten-year period,all tariffs on textile and apparel goods that met the North American rules of origin.
A)True
B)False
Q5) How are the IPR provisions of NAFTA similar or dissimilar to those of TRIPS? Of the U.S.?
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Page 16
Chapter 15: The European Union
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Q1) The Council of Europe is an EU institution.
A)True
B)False
Q2) National courts are obligated to follow EU law and decisions.
A)True
B)False
Q3) The representatives who serve on the European Commission are appointed by:
A) the representative's own government.
B) the Assembly.
C) the Court of Justice.
D) the Council.
Q4) In what ways are the nations of the European Union similar to and different from the states of the USA?
Q5) The European Court of Justice and the International Court of Justice have concurrent jurisdiction over EU member international trade disputes with non-EU members.
A)True
B)False
Q6) Compare and contrast the EU with NAFTA.
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Q7) Compare and contrast the European Court of Justice with the U.S.Supreme Court.
Chapter 16: Marketing: Representatives,Advertising,and
Anti-Corruption
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Q1) A dependent agent relationship allows for greater quality control but reduces the level of profit that accrues to the principal.
A)True
B)False
Q2) 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
Q3) In what ways are advertising regulations pertaining to "sin" products in the U.S.more or less liberal than those in Europe (and/ or other regions)?
Q4) The government agency responsible for prosecuting violators of the FCPA is:
A) Department of International Judicial Review.
B) SEC.
C) Department of Justice.
D) SEC and Department of Justice.
Q5) Imagine how a developing economy would wish to address truth in/deceptive advertising.Draft a position paper.
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Chapter 17: Protection and Licensing of Intellectual Property
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Q1) Since 1996,the European Union's Trademark Regulation has allowed a single trademark registration enforceable in all members of the European Union.
A)True
B)False
Q2) The European Court of Justice in the Sebago Inc.v.GB Unic,SA,(1999)E.T.M.R.681 ruled that re-imports from a EU member country to another is in violation of the Trademark Directive.
A)True
B)False
Q3) Refer to Exhibit 17-1.What remedies may AUSA seek against HPI as a result of its conduct? What do these remedies provide?
Q4) The great advantage of the International Convention for the Protection of Industrial Property is that by filing a trademark with this international body,the trademark owner achieves virtually worldwide trademark protection.
A)True
B)False
Q5) Compare and contrast TRIPS with IPR in the U.S.or another country (for example,India).
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Chapter 18: The Legal Environment of Foreign Direct Investment
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Q1) Under the modern traditional theory of the taking of property,a sovereign may take private property only where:
A) the property is taken for a public purpose.
B) the taking is nondiscriminatory.
C) the taking is accompanied by a prompt, adequate, and effective compensation.
D) all of these are correct
Q2) An investment in which the investor limits its involvement to providing equity capital in an enterprise managed by another in hope of a profitable return is called a(n):
A) active investment.
B) leveraged investment.
C) passive investment.
D) inactive investment.
Q3) Compare and contrast the partial sale,trade sale,and concession models of privatization.
Q4) OPIC insurance is provided to U.S.firms operating abroad by private American insurance companies.
A)True
B)False
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Q5) Compare and contrast the traditional and modern traditional theory of takings.
Chapter 19: Labor and Employment Discrimination Law
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Q1) The European Union treaties do not address discrimination on the grounds of nationality.
A)True
B)False
Q2) Which of the following statements is true about prison labor?
A) Prison labor is used in virtually all countries around the globe.
B) Prison labor is practiced only in China.
C) Prison labor has been abolished in all countries.
D) Prison labor is used only in emerging economies.
Q3) As compared to the United States,there has been greater litigation in Europe concerning religious discrimination than in the United States.
A)True
B)False
Q4) Compare and contrast employment discrimination laws in the United States with those in Europe.What are the policy underpinnings?
Q5) In Japan,union leadership is a stepping stone to management.
A)True
B)False
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Chapter 20: Environmental Law
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Q1) The "circle of poison" refers to the importation of crops produced in developing nations using pesticides banned in the U.S.
A)True
B)False
Q2) Not all nations embrace environmental protection laws.For example,_________ and _________ lead the emerging world's resistance to global attempts to outlaw technologies believed to cause climate change.
A) China and Singapore
B) China and India
C) India and Pakistan
D) Bangladesh and India
Q3) Environmental issues are generally limited to cross-border pollution such a between the United States and Mexico.
A)True
B)False
Q4) The U.S.prohibits the export of pesticides not approved by the U.S.EPA.
A)True
B)False
Q5) Reflecting on the "Circle of Poison," draft a bill regarding pesticide exports.
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Chapter 21: Regulating the Competitive Environment
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Q1) Prohibitions against agreements that restrict competition are relevant in international business transactions.
A)True
B)False
Q2) The European Union and foreign nations have begun a spirited effort to beef up their competition laws.
A)True
B)False
Q3) Under U.S.antitrust law,certain mergers and joint venture agreements must be brought before whom before they are concluded?
A) Congress
B) President
C) Federal Trade Commission
D) Department of Justice
Q4) Consider in what ways the histories of the U.S.,Japan,and Europe may explain their respective laws regarding market competition.
Q5) Discuss the advantages and disadvantages -- from the perspective of competition law -- in having a wholly foreign subsidiary in Europe.
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