Reference no: EM13855555

Question 1. Unless otherwise specified, contracts between an exporter and an agent and contracts between an exporter and a distributor are called:
contract law.
labor law.
common law.
distribution contracts.
None of the above

Question 2. Lex Mercatoria is:
a major calamity like a storm or other natural disaster.
the Uniform Commercial Code.
common law.
trade law made up of a multitude of different sources of law and jurisprudence.
None of the above

Question 3. The Cost, Insurance, and Freight Incoterm is specifically designed for land transportation.
True
False

Question 4. Whether or not a sales contract is international is always self-evident.
True
False

Question 5. A legal dispute in which the loser bears court costs is said to be operating under:
common law.
European rules.
contract law.
arbitration.
None of the above

Question 6. Under the Uniform Commercial Code, an offer can be withdrawn at any time, without prejudice.
True
False

Question 7. The most sensitive issue in an international distribution contract between an exporter and an agent/distributor is:
termination.
advertising.
territories.
product line.
None of the above

Question 8. The choice of the Incoterm is almost always the decision of the:
importer.
agent.
exporter.
distributor.
None of the above

Question 9. In terms of cost and responsibility, the easiest Incoterm for the exporter which is, in turn, the most difficult for the importer is:
Delivered Duty Unpaid (D.D.U.).
Ex-Works (E.X.W.).
Delivered Duty Paid (D.D.P.).
Delivered at Frontier (D.A.F.).
None of the above

Question 10. Contracts contain a force majeure clause which dissolves the contract in the event of a major unforeseen event, like a ship sinking in a storm. Loosely translated, force majeure means:
"forced dissolution."
"overwhelming power."
"major provisions of contract no longer in force."
"major forfeit."
None of the above