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