International Commercial Law - 17

This solved paper has been contributed by Raul Castro

THANKS TO : Raul Castro

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LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Single Answer

Question  

The copy right is

Correct Answer  

Incorporal property

Select The Blank

Question  

An implied contract is one which is inferred from the ________ of the parties.

Correct Answer  

Conduct

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

Multiple Choice Multiple Answer

Question  

The correct dating of the bill of lading is a important matter. It is material in three legal relationships

Correct Answer  

In the content of carriage , In the contract of sale , In relation to the banks under a letter of credit

Select The Blank

Question  

India is a signatory and indeed a ________ member of GATT

Correct Answer  

Founder

Multiple Choice Multiple Answer

Question  

Paris convention is applicable to industrial property

Correct Answer  

Inventions , Trade marks , Service marks

Select The Blank

Question  

The burden of proof for recovery under the insurance is that of the ________

Correct Answer  

Assured

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

Select The Blank

Question  

The invoice ________is to be stated as the terms of the contract

Correct Answer  

Price

Select The Blank

Question  

Copyright protects the ________ of an idea rather than the idea itself.

Correct Answer  

expression

Multiple Choice Single Answer

Question  

The Slip is lodged at

Correct Answer  

Insurance company

True/False

Question  

The open cover may be limited in time while the floating policy is normally limited to twelve months

Correct Answer  

True

Multiple Choice Single Answer

Question  

Legal status of protection of trade mark can be acquired either by

Correct Answer  

Prolonged use of trade mark by registration

True/False

Question  

Invented words, coined words, fancy words are all synonymous terms.

Correct Answer  

True

 

Multiple Choice Single Answer

Question  

If there is a possibility possibility of rising market price during the transit of the goods, the assured has who has covered the goods under an ordinery policy can obtain a so - called

Correct Answer  

Increased value policy

Select The Blank

Question  

In legal phraseology there is no privity of ________ between customer and manufacturer

Correct Answer  

Contract

True/False

Question  

The defination of patent includes mere discovery of a scientific principle

Correct Answer  

False

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

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

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

True/False

Question  

The law of products liability governs the public litigation of product accidents

Correct Answer  

False

Multiple Choice Single Answer

Question  

The trading Invoice should state the

Correct Answer  

Name and addresses of seller and buyer

Multiple Choice Multiple Answer

Question  

Following are not registerable under the Emblems and Names (Prevention of improper use ) Act, 1950.

Correct Answer  

Mahatma Gandhi , Pandit Nehru , Shivaji Maharaj

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 Multiple Answer

Question  

The contractual nature of arbituration determines questions , which are not free from controversy . The question are

Correct Answer  

Whether arbitration himself can decide conclusively , whether it the arbitration clause is contained in the original contract , whether the arbitation clause itself is under cloud

Multiple Choice Multiple Answer

Question  

A general average act has to satify the followling requirements. It must be

Correct Answer  

In time of peril , An extraordinary sacrifice or expenditure , Purposely resorted to

Multiple Choice Multiple Answer

Question  

Where payment under a letter of credit is arranged, the stages can normally be distinguished

Correct Answer  

The exporter and the overseas buyer agree in the contract of sale that payment shall be made under a letter of credit , The overseas buyer instructs a bank at his place of business to open a letter of credit , The advising bank informs the exporter that it will negotiate, his draft upon delivery of the transport document

Multiple Choice Single Answer

Question  

The Hague - Visby Ruleshold the carrier liable if he acts

Correct Answer  

Negligently

Match The Following

Question                                                                                  Correct Answer

Stating that the credit is divisible or that it is unrestricted for negotiation = Transferable credit

Letter of credit                                                                                    Paper transaction

Undertaking by a bank to make payment to a third party      A stand by letter of credit

Convenient method of finance for the small exporter            Packing credit

Multiple Choice Single Answer

Question  

A contract in which the parties agree that a false invoice be isued is

Correct Answer  

Unenforceable by Law

Multiple Choice Multiple Answer

Question  

Actual total loss occures

Correct Answer  

Where the subject matter is destroyed , Where the assured has been irretrievably deprived thereof , Where the subjectmatter has been so damaged that is has loss is commercial identity

True/False

Question  

The expression literary work covers work which is expressed in print or writing irrespective of whether the quality or styal is high

Correct Answer  

True

True/False

Question  

In the case of a confirmed credit, the engagement of the advising bank to the beneficiary is not stated in the letter of advise.

Correct Answer  

False

Multiple Choice Single Answer

Question  

Industrial design is design elements in

Correct Answer  

Industrial produced articles

True/False

Question  

In the socialist countries arbitration tribunals are constituted for dealing with commercial disputes

Correct Answer  

True

Select The Blank

Question  

The marine insurance covers all riskof loss or damage to the subject - matter insured except ________clauses

Correct Answer  

Exclusion clauses

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

True/False

Question  

Arbitration is the most convenient machinery to settle the dispute.

Correct Answer  

True

Select The Blank

Question  

The shipper is entitled to demand that the bill of lading should be________ correctly

Correct Answer  

dated

Multiple Choice Single Answer

Question  

The consumer's main concern is in the

Correct Answer  

Quality of what they are buying

True/False

Question  

The floating policy is not a time policy but the aggregation of voyage policies

Correct Answer  

True

Multiple Choice Multiple Answer

Question  

NewZealan prohibits and restricts certain types of paking like

Correct Answer  

The use of hay , The use of chaff , The use of rice husk

Multiple Choice Multiple Answer

Question  

Other documents inluded in the shipping documents are

Correct Answer  

Certificate of origin , Certificate of quality , Certificate of inspection

True/False

Question  

The principles relating to the ordinary letters of credit dosen't apply to standby credits

Correct Answer  

False

Multiple Choice Multiple Answer

Question  

In a few exceptional cases the assured is barred from recovering the overpaid portions of the premium

Correct Answer  

If the double insurance was effected by the aassured knowingly , If a claim has been paid for the full sum insured , if the policies were effected at different times

Match The Following

Question                                                                                  Correct Answer

India is a signatory and indeed a founder member                GATT

World Trade Organisation                                                      Member India

Intellectual Property Rights Agreement (TRIPS)_                 India, a party

Duration of 20 years for patents                                             TRIPS agreemnt

Multiple Choice Multiple Answer

Question  

When a general average act occures the three interest are at risk

Correct Answer  

The ship , The cargo , The frieght