International Law for Business Exam Review
Course Introduction
This course provides an in-depth examination of the legal frameworks and principles governing international business transactions. Students will explore key topics such as international trade law, contract negotiation and enforcement, dispute resolution mechanisms, and the regulatory role of organizations like the World Trade Organization and United Nations. Emphasis is placed on understanding the practical application of treaties, conventions, and customary international law in cross-border commercial activities, as well as navigating issues related to intellectual property, investment, and corporate social responsibility. The course equips students with the knowledge needed to identify legal risks and opportunities in the global business environment.
Recommended Textbook
International Business Law 6th Edition by Ray A. August
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12 Chapters
905 Verified Questions
905 Flashcards
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Chapter 1: Introduction to International and Comparative Law
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Sample Questions
Q1) Which among the following is commonly called the civil law?
A) Shari'a
B) common law
C) public law
D) the Romano-Germanic legal system
Answer: D
Q2) The ________ is the law code promulgated in 1896 that is based primarily on the Corpus Juris Civilis and is characterized by its detailed structure and its technical precision.
A) comparative law
B) German Civil Code
C) French Civil Code
D) common law
Answer: B
Q3) The ________ is responsible for carrying out the EU's monetary policy.
A) European Commission
B) European Court of Auditors
C) European Central Bank
D) European Economic and Social Committee
Answer: C
Page 3
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Chapter 2: State Responsibility and Environmental Regulation
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Sample Questions
Q1) If the injury is done directly to a state, then the objection of failure to exhaust all remedies cannot be raised.
A)True
B)False
Answer: True
Q2) Which of the following was a result of the Rio Declaration?
A) the establishment of the United Nations Environment Program
B) the United Nations adoption of Resolution 2389
C) the obligation on states to prepare an "environmental impact assessment"
D) the creation of the United Nations Conference on the Environment and Development
Answer: C
Q3) The ________ was issued by the United Nations Conference on the Environment and Development and it linked protection of the environment and development as related goals.
A) UN charter
B) Rio Declaration
C) Bonn Agreement
D) Kyoto Protocol
Answer: B
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Chapter 3: Dispute Settlement
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Sample Questions
Q1) Differentiate between in personam jurisdiction and in rem jurisdiction.
Answer: In personam jurisdiction is the power of a court to decide matters relating to a natural or juridical person physically present within the forum state. Natural persons subject to in personam jurisdiction include nationals of the forum state, individuals physically present within the state, individuals domiciled in the state, and individuals who consent to such jurisdiction. In rem jurisdiction is the power of a court to determine the ownership rights of all persons with respect to particular property located within the territory of the forum state.
Q2) The ________ holds that a state has to respond to a suit brought against it before the ICJ only to the extent to which the state bringing the suit has also accepted the jurisdiction of this court.
A) vested rights doctrine
B) rule of reciprocity
C) public trust doctrine
D) choice of law clause
Answer: B
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5
Chapter 4: The Multinational Enterprise
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Sample Questions
Q1) The FCPA's antibribery provisions are only applicable to businesses and not individuals.
A)True
B)False
Q2) The Convention on Combating Bribery of Foreign Public Officials in International Business Transactions make it a crime for individuals and juridical persons to bribe or attempt to bribe a foreign official.
A)True
B)False
Q3) ________ are laws enacted in some countries to obstruct the extraterritorial application of U.S. antitrust laws by limiting a plaintiff's right to obtain evidence or to enforce a judgment, and that allows a defendant to bring suit locally to recover punitive damages paid in the United States.
A) Blocking statutes
B) Jim Crow statutes
C) Consent decrees
D) Whistleblower statutes
Q4) What are the different types of per se violations? How does a court deal with a per se violation?
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Chapter 5: Foreign Investment
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Sample Questions
Q1) ________ are areas in international airports and harbors where travelers can buy goods free of local sales and excise taxes.
A) Free retail zones
B) Export processing zones
C) Bonded warehouses
D) Foreign priority sectors
Q2) 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.
Q3) If a company issues depository receipts, then the corresponding shares need to be sent abroad.
A)True
B)False
Q4) The largest free zones are called ________.
A) free trade areas
B) free cities
C) free trade zones
D) subzones
Page 7
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Chapter 6: Money and Banking
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Sample Questions
Q1) Explain a future contract.
Q2) Which of the following is true of the IMF's SDR?
A) It cannot be added to the member states' foreign currency.
B) Its value is set daily using a set of four major currencies.
C) All the four currencies are given equal weight while determining the value of the SDR.
D) One of the currencies used for calculating the value of SDR is Russian Ruble.
Q3) Which of the following is the reserve currency used by the IMF?
A) Ven
B) Special Drawing Right (SDR)
C) European Currency Unit (ECU)
D) World Currency Unit (Wocu)
Q4) Private money is a unit of exchange issued by a government agency (such as a treasury department) or government-controlled financial institution (such as a central bank).
A)True
B)False
Q5) The IMF was created immediately after the collapse of the gold standard system.
A)True
B)False
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Chapter 7: Trade in Goods
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Sample Questions
Q1) Which of the following terms refers to the relinquishment of an obligation owed by another?
A) social referencing
B) consensus
C) waiver
D) direct effect
Q2) Nonactionable subsidies are also known as yellow subsidies.
A)True
B)False
Q3) Derived value is the customs value of goods that is based on their price calculated from the cost of manufacture, overhead, and handling.
A)True
B)False
Q4) The ________ included the GATT MTNs held from 1973 to 1979 that produced six nontariff codes.
A) Dillon Round
B) Tokyo Round
C) Kennedy Round
D) Uruguay Round
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Chapter 8: Services and Labor
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Sample Questions
Q1) Apart from a Presidentially granted exception, the only means by which an American can lawfully leave the country or return to it is with a passport.
A)True
B)False
Q2) Which of the following is true of labor restrictions that can be placed on newly joined members under the EU?
A) that all restrictions have to be lifted after the first five years from joining B) that the restrictions can be extended for two more years after the first five years of joining
C) that the restrictions can only be added on the first two years after joining D) that the freedom of movement of workers is an absolute right for all Europeans upon joining the EU
Q3) Explain the procedure for settling disputes between ILO members.
Q4) Which of the following is a type of regulation against hiring foreign workers?
A) most-preferred-nation treatment
B) ultra vires rule
C) percentile legislation
D) nolo contendere
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Chapter 9: Intellectual Property
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Sample Questions
Q1) Patents differ from copyrights in that, patents ________.
A) are granted for an unlimited period of time
B) give its owner the exclusive right to use or sell a particular product
C) create perfect competition in the market
D) give its owner the pecuniary right to performance
Q2) Mark owns a chain of hotels. Roby acquires a license that allows him to extend the chain under the supervision and control of Mark. This type of license is an example of a ________.
A) franchise
B) patent
C) copyright
D) patent pool
Q3) The ________ states that participants in an industry-wide patent pool must grant reasonable access to the pool to any firm wishing to compete so that no firm will be disadvantaged.
A) indemnification clause
B) bottleneck principle
C) maintenance of value clause
D) country of origin principle
Q4) Explain the right of performance.
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Chapter 10: Sales
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Sample Questions
Q1) Briefly explain how the CISG is organized.
Q2) According to the CISG, the rules of private international law would be the final source used for deciding legal questions governed by the convention.
A)True
B)False
Q3) 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.
A)True
B)False
Q4) Explain the seller's remedy of avoidance of installment contracts.
Q5) 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
Q6) List out the remedies that are unique to a buyer.
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Chapter 11: Transportation
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Sample Questions
Q1) Which of the following trade terms means that the seller has an obligation to deliver the goods to a named place for transfer to a carrier?
A) ex works
B) dead freight
C) free
D) demurrage
Q2) Bearer instruments are transferred by negotiation.
A)True
B)False
Q3) A ________ is a charge or claim against a vessel or its cargo.
A) certiorari
B) demurrage
C) dead freight
D) maritime lien
Q4) Which of the following documents provided by a seller represents cost?
A) bill of lading
B) air waybill
C) invoice
D) insurance policy
Q5) Explain the Himalaya Clause.
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Chapter 12: Financing
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Sample Questions
Q1) Which of the following terms refers to a bill of exchange on which the drawer and the payee are the same person?
A) trade acceptance
B) deed
C) codicil
D) certificate of deposit
Q2) Under common law, a person who acquires a bill or note for value, in good faith, and without notice that it is defective, overdue, or that any person has a claim to or defense against it is referred to as a(n) ________.
A) holder in due course
B) accommodation endorser
C) aval
D) acceptor
Q3) In a letter of credit transaction, an advising bank is entitled to reimbursement from the issuing bank if the documents it receives are in order.
A)True
B)False
Q4) Describe the ways in which a bill or note can be paid.
Q5) What is a bearer paper?
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