Exam 8: International Law

The United States and Singapore have signed the Convention on Contracts for the International Sale of Goods (CISG).Notren,Inc.,a U.S.company,and SWT,a Singapore company,have entered into a contract under which SWT is to ship party supplies to Notren.One of the terms of the contract states,"The validity and performance of this contract will be governed by the Uniform Commercial Code (UCC)of the state of New York,not the Convention of the International Sale of Goods (CISG)." The contract will be governed by the:

A contract involving the sale of goods from a Texas seller to a French wholesaler must always use the United Nations Convention on Contracts for the International Sale of Goods (CISG).

The WTO is:

If the United States sets a limit on the number of cars that can be imported,this action is a form of tariff.

For manufactured goods,the United States and European Union impose an average tariff of ________ percent,and major trading partners around the world impose tariffs of ________ percent for identical items.

Extraterritoriality

Axle Corporation imports goods into the United States.Who is required to pay the duty on the imported goods?

Oxtron,Inc.,a U.S.company,and Leer,an Argentinean company,orally agreed to a contract under which Oxtron is to ship medical devices to Leer.The contract is governed by the CISG.Which statement is correct?

Extraterritoriality is the power of one nation to impose its laws in other countries.

Notren,Inc.,a U.S.company,and SWT,a Singapore company,entered into a contract under which SWT is to ship party supplies to Notren.One of the terms of the contract states,"Any disputes that arise under this contract will be resolved in the courts of Singapore." This contract term is a:

The primary goal of the North American Free Trade Agreement (NAFTA)is to:

The United States and Argentina have signed the Convention on Contracts for the International Sale of Goods (CISG).Oxtron,Inc.,a U.S.company,and Leer,an Argentinean company,have entered into a contract under which Oxtron is to ship medical devices to Leer.The contract does not include a choice of law provision.The contract will be governed by:

What is a major difference between a United States lawsuit versus a French lawsuit?

Zebra Toy Company,located in Chicago,sells $500,000 worth of toys to a London,England,wholesaler.This contract could be governed by:

Explain what the General Agreement on Tariffs and Trade (GATT)is and give pro and con arguments concerning this agreement.

A dumping duty is imposed on other countries that do not properly recycle their waste created when they manufacture certain products.

Tariffs are generally higher in developing countries than in developed countries.

Ad valorem duty is based on the fair market value of the imported good as of the date it reaches the United States,not the price actually paid for the good when sold for export to the United States.

NAFTA is a trade agreement between the United States,Canada and Mexico.

Generally,consumers are not adversely affected by tariffs since tariffs affect wholesale prices,not retail prices.