Sunday, December 26, 2010

International Commercial Law - 15

This solved paper has been contributed by Raul Castro

THANKS TO : Raul Castro

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LIST OF ATTEMPTED QUESTIONS AND ANSWERS
             
 True/False
  Question        The judges or the arbitrators as they are known, can be of the parties choice.
  Correct Answer         True
             
 Select The Blank
  Question        In legal phraseology there is no privity of ________ between customer and manufacturer
  Correct Answer         Contract
             
 Multiple Choice Single Answer
  Question        The single most important document in International Trade and forms the very basis of a large volume in international trade is
  Correct Answer         L/C
             
 Multiple Choice Multiple Answer
  Question        Product liability is the liability of the producer of a product which, owing to a defect causes
  Correct Answer         Injury to the user , Damages to the user , Loss to the user
             
 Multiple Choice Multiple Answer
  Question        The defect in a product may be in the
  Correct Answer         Lack of quality , Insufficiency in the instruction for use , Failure to give adequate warning of a dangerous propensity of the product
             
 Select The Blank
  Question        Under f.o.b contract the cost of loading is usually included in the ________charges which are to paid by the buyer
  Correct Answer         Freight
             
 Multiple Choice Single Answer
  Question        The use of the marks by others as a trade mark constitutes
  Correct Answer         Infringement
             
 Multiple Choice Single Answer
  Question        The most frequent method of payment for goods is the export trade is
  Correct Answer         Letter of credit
             
 Multiple Choice Single Answer
  Question        The law relating to letters of credit is founded on the principle of
  Correct Answer         The doctrine of strict performance
             
 Multiple Choice Single Answer
  Question        When the seller tenders the goods, buyer is entitled to
  Correct Answer         Opportunity to examing the goods
             
 True/False
  Question        Arbitration has a contract and non judicial element.
  Correct Answer         False
             
 Select The Blank
  Question        Commercial invoice is a basic ________in An export transation
  Correct Answer         Document
             
 Multiple Choice Single Answer
  Question        To avoid anything in the nature of set off or counter claim, a letter of credit is given by a
  Correct Answer         Bank to the seller
             
 Multiple Choice Multiple Answer
  Question        The letter of cradit should state which of the methods have been chosen by the parties namely,
  Correct Answer         Payment at sight , Deferred payment , Acceptance or negotiance
             
 Multiple Choice Single Answer
  Question        The customer and manufacture has no
  Correct Answer         Privity of Contract
             
 Multiple Choice Multiple Answer
  Question        The notice by the buyer to the seller to reject the goods
  Correct Answer         may be givenVerbally , May by telex , May by fax
             
 Multiple Choice Single Answer
  Question        The consumer's main concern is in the
  Correct Answer         Quality of what they are buying
             
 Multiple Choice Single Answer
  Question        Since 1948 GATT has been the main forum for the settlement of
  Correct Answer         International trade dispute
             
 Multiple Choice Single Answer
  Question        Section 104 deals with penalty for
  Correct Answer         selling goods for which false trade mark is applied
             
 Multiple Choice Single Answer
  Question        The expression literary work covers work which is expressed in
  Correct Answer         print or writing
             
 True/False
  Question        Under through Bills of Lading Covering on Carriage by air, the air consignment is a document of title but bill of lading is not.
  Correct Answer         False
             
 Multiple Choice Multiple Answer
  Question        Following word marks other than surnames are registerable. They are
  Correct Answer         Personal names , Geographical names , Names of sect
             
 Multiple Choice Single Answer
  Question        The legal principle that the Bank is entitled ro reject documents which do not strictly confirm with the terms of the credit is the
  Correct Answer         Doctrine of strict compliance
             
 Select The Blank
  Question        Under delivered free duty paid clause, the seeller pays all the charges up to the ________ of the goods at the buyer's address
  Correct Answer         Delivery
             
 Multiple Choice Multiple Answer
  Question        Types of contracts are :
  Correct Answer         Express contract , illegal contracts , Void contracts
             
 True/False
  Question        The floating policy is not a time policy but the aggregation of voyage policies
  Correct Answer         True
             
 Select The Blank
  Question        In some cases, the transaction may not involve a sale. The product may have been ________ or loaned by the owner
  Correct Answer         Leased
             
 Multiple Choice Multiple Answer
  Question        Other documents inluded in the shipping documents are
  Correct Answer         Certificate of origin , Certificate of quality , Certificate of inspection
             
 Select The Blank
  Question        If a claim is founded on fault liability , the claimant has to prove ________ and that the product was at fault
  Correct Answer         Causation
             
 True/False
  Question        The defination of patent includes mere discovery of a scientific principle
  Correct Answer         False
             
 Select The Blank
  Question        The ICC Court of arbitration its seat at the headquarters of the ICC in________
  Correct Answer         Paris
             
 True/False
  Question        The Ex - Ship clause relates execusively to the place of despatching of the goods
  Correct Answer         False
             
 Multiple Choice Single Answer
  Question        where a bill of lading acknowledges the receipt of goods in apparent good order and condition, it is termed as
  Correct Answer         clean bill of leading
             
 Match The Following
Question                                  Correct Answer

A marine insurance policy                               The shipping document
The cost of loading under f.o.b. contract       Paid by the buyer
If the goods are ascertained                            Property in goods passes
Goods found to be not in accordance with the terms of the contract     Buyer rejecting the goods in c.i.f contract

             
 Match The Following
Question                                  Correct Answer

Agreement with minor            Voidable agreement
Consideration                          Cash or kind
Contract                                  Legal obligation
Proposal accepted                   Promise

             
 Multiple Choice Multiple Answer
  Question        The notice by the buyer to the seller to reject the goods should be
  Correct Answer         Clear , definit , Not to be cotradicted by an act
             
 Multiple Choice Single Answer
  Question        A revocable credit may be amended or cancelled by the issuing bank at any moment and without
  Correct Answer         Prior notice to the beneficiary
             
 Multiple Choice Multiple Answer
  Question        A contract may be frustrated because subsequent to the conclusion the govt. has prohibited its performance are
  Correct Answer         By place an embargo on the exportation of the goods sold , By place an embargo on the Importation of the goods sold , By the imposition of restructive regulation regardng Licenses and quota
             
 Multiple Choice Single Answer
  Question        The Society Lloyd's has members like
  Correct Answer         Underwriting
             
 Multiple Choice Multiple Answer
  Question        The buyer is entitled to reject the goods if they
  Correct Answer         Do not correspond with the sample , Are not of merchantable quality , Are not in confirmity of thr terms of the contract
             
 True/False
  Question        Arbitration in the socialist countries are similar in some respects from that in the countries of free economy
  Correct Answer         False
             
 Multiple Choice Single Answer
  Question        Patent once granted for an invention is an intellectual property which remains in force for a
  Correct Answer         Specific period of time
             
 Select The Blank
  Question        The clause Arrival means that the seller has to cause delivery to be madeto the buyer from the ________
  Correct Answer         Ship
             
 True/False
  Question        The buyer is entitled to refuse the acceptance of the goods if they are packed in accordance of his instructions
  Correct Answer         False
             
 True/False
  Question        It is the responsibility of the carrier to arrange the transshipment with the on-carriers.
  Correct Answer         True
             
 True/False
  Question        Where a cargo is a tender in such a manner as to put an ordinary careful insurer on inquriy and he fails to inquire a waiver may be assumed
  Correct Answer         True
             
 Select The Blank
  Question        The container leasing contract providees that the lessee has to pay ________if he retains the container beyond stipulated time
  Correct Answer         Liquidated damages

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