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Exam 11: International Law in a Global Economy

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Question 31

Multiple Choice

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Fact Pattern 9-1 First State Bank issues a letter of credit in favor of Oboe Company, an American firm, to facilitate an international sales contract to buy resources from Lapland Mining, Ltd., a Finnish company. -Refer to Fact Pattern 9-1.First State Bank

A) is responsible for making sure that the parties perform the contract.
B) will make payment once the transaction has been completed.
C) will make payment when Lapland presents the proper documents.
D) none of the above.

E) A) and D)
F) A) and B)

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Question 32

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Under a letter of credit, the issuer is bound to pay the beneficiary after the beneficiary complies with the terms of the letter.

A) True
B) False

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Question 33

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The management of Sport Shoes Corporation, a U.S.firm, wants to expand into foreign investment and employment markets.They are considering either opening their own production facility in a foreign country or entering into a licensing agreement with a foreign firm.What are the advantages and disadvantages of each of these courses of action

The United States and other members of a certain organization agree to grant normal trade relations status on each other with regard to imports and exports.This organization is

In some cases, foreign states are not immune from the jurisdiction of U.S.courts.These circumstances are governed by the

The doctrine of sovereign immunity can immunize a foreign nation from the jurisdiction of U.S.courts.

A treaty is a contract between two or more nations that must be ratified by the United Nations to take effect.

Confiscation occurs when a government seizes a private property for a proper public purpose and awards just compensation.

Fabiola, or any foreign citizen, can bring a civil suit in a U.S.court for

Senator Smith and other politicians want to restrict the flow of technologically advanced products and data from the United States to other countries.To restrict or encourage exports, Congress can

The Foreign Sovereign Immunities Act spells out the particulars of what constitutes a commercial activity.

A U.S.citizen can bring a civil suit in a U.S.court against a U.S.entity for a tort allegedly committed overseas.

KO Marketing Company, a U.S.firm, signs a contract with Librador Corporacion, a Chilean firm, to give Librador the right to use Innovative's animation techniques and characters in product promotions.This is

Mineral Resources Corporation, a U.S.firm, owns property in Ecuador.The government of Ecuador seizes the property for a proper public purpose and pays Mineral Resources just compensation.This is

The act of state doctrine provides that only a head of state can make treaties with another nation.

Any conspiracy that has a substantial effect on U.S.commerce is within the reach of the U.S.antitrust laws.

A foreign citizen can bring a civil suit in a U.S.court for a violation of a treaty of the United States.

A foreign state is immune from the jurisdiction of U.S.courts as long as the state is involved in commercial activity in the United States.

The United States is a member of the World Trade Organization, which, among its members,

Firms overseas have almost total legal protection against government acts in the countries in which they operate, under the act of state doctrine.