Reference no: EM132153869
1. Suppose a buyer enters into a sales contract to purchase a specific Rembrandt painting from a seller for $25 million. When the buyer tenders payment, the seller refuses to sell the painting to the buyer. The buyer may bring a(n) _____ action to obtain a decree of _____ from the court, which orders the seller to sell the painting to the buyer.
A. equity; frustration of purpose
B. legal; unconscionability
C. legal; commercial impracticability
D. equity; specific performance
E. equity; summary judgment
2. The main incentive for a U.S. company to form a strategic alliance with a Chinese company is to
a. develop a competitive advantage.
b. achieve immediate profit increases.
c. form an international relationship that might be useful in the future.
d. prevent Chinese competitors from moving into the U.S. market.
3. It is common for less-developed countries to require foreign companies to ____ in order to manufacture and sell products in the less-developed country.
a. sell 100 percent of its locally produced goods within the host country
b. contract to operate in the host country for long periods of time, such as 20 years
c. invest in more than one company in the host country
d. form a joint venture with a host country firm