LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Question Correct Answer
Agreement with minor Voidable agreement
Consideration Cash or kind
Contract Legal obligation
Proposal accepted Promise
Multiple Choice Multiple Answer
Question
The London court of International Arbitration includes any question regarding its
Correct Answer
Existance , Validity , Termination
Multiple Choice Multiple Answer
Question
The Institute Cargo clauses B covers the loss of or damage to the subject - matter insured reasonably attributed to
Correct Answer
Fire or explosion , Discharge of cargo at a port of distress , Earthquake, volcanic eruption or lightening
Select The Blank
Question
An implied contract is one which is inferred from the ________ of the parties.
Correct Answer
Conduct
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
Multiple Choice Single Answer
Question
Where the subject - matter is insured from one point to another isa
Correct Answer
Voyage policy
Multiple Choice Single Answer
Question
If the carriage of goods by sea are carried in bulk, e.g. coal, oil, grain, the shipper may hise a whole vessel i.e.
Correct Answer
charter party
Multiple Choice Single Answer
Question
The trading Invoice should state the
Correct Answer
Name and addresses of seller and buyer
Select The Blank
Question
In legal phraseology there is no privity of ________ between customer and manufacturer
Correct Answer
Contract
Select The Blank
Question
The________ expoter has no locas standi under GATT
Correct Answer
Individual
Match The Following
Question Correct Answer
The most important institution for the==== The ICC court
arbitral settlement of International trade disputes
The administrative and financial regulations === ICSID
European Arbitration==== Sponsored by the UN economic commission
The London court of International arbitration==Sponsored by Chartered Insitute of Arbitration
Multiple Choice Multiple Answer
Question
Inventions that are not patentable are
Correct Answer
Invention which is frivolous , Any plan or scheme , The mere discovery of a new property
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
Select The Blank
Question
The assured can insure a consignment of goods from Pune to Birmingham provided these place are________in the marine policy as the commencement and destination of the transit
Correct Answer
Named
Multiple Choice Single Answer
Question
The marine insurance policy or the marine insurance certificate forms a part of the
Correct Answer
Shipping Document
Select The Blank
Question
Contracts created by law are called ________.
Correct Answer
Quasi contract
Select The Blank
Question
India is a signatory and indeed a ________ member of GATT
Correct Answer
Founder
Multiple Choice Single Answer
Question
The copy right is
Correct Answer
Incorporal property
Select The Blank
Question
The expression stale bill of lading is used in ________ practice
Correct Answer
banking
True/False
Question
Invented words, coined words, fancy words are all synonymous terms.
Correct Answer
True
Multiple Choice Single Answer
Question
The legal principle that the Bank is entitled ro reject documents which do not strictly confirm with the terms of the credit is the
Correct Answer
Doctrine of strict compliance
Select The Blank
Question
The burden of proof for recovery under the insurance is that of the ________
Correct Answer
Assured
Select The Blank
Question
The marine insurance covers all riskof loss or damage to the subject - matter insured except ________clauses
Correct Answer
Exclusion clauses
Multiple Choice Single Answer
Question
The international carriage of goods is to a large extent, still conducted on the basis of paper work by using
Correct Answer
transport documents
True/False
Question
A patentee or his licensee is not granted exclusive right to exploit the invention
Correct Answer
False
True/False
Question
The arbitrator , like a judge, has power to order the inspection of the object in dispute.
Correct Answer
True
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
True/False
Question
Ii is in the public interest to encourage the marketing of the products having defects that can be sold in lower price to the public.
Correct Answer
False
Select The Blank
Question
It would be infringed by making a ________ copy of the topographical arrengement.
Correct Answer
facsimile
Multiple Choice Multiple Answer
Question
Paries convention lay down the basic principle governing protection of
Correct Answer
Patents , Trademarks , Industrial design
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
Paris convention is applicable to industrial property
Correct Answer
Inventions , Trade marks , Service marks
Multiple Choice Single Answer
Question
The insured value specified in the policy is the
Correct Answer
Agreed Value
True/False
Question
Time policies may cover a fixed priod of twelve months on the continuation clause
Correct Answer
False
Multiple Choice Multiple Answer
Question
The letter of cradit should state which of the methods have been chosen by the parties namely,
Correct Answer
Payment at sight , Deferred payment , Acceptance or negotiance
Multiple Choice Multiple Answer
Question
There ia absence of free consent if the agreement is induced by
Correct Answer
Coercion , Undue influence , Misrepresentation
True/False
Question
In the United States, most commercial arbitration are governed by the United States Arbitration Act
Correct Answer
True
True/False
Question
Arbitration has a contract and non judicial element.
Correct Answer
False
Multiple Choice Single Answer
Question
The goodwill between a trader and his customer, which the marks helps to sustain is protected by the
Correct Answer
Common Law
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 Single Answer
Question
A reputed automobile manufacturer advertised that their cars have a shatter proof glass windowshields. These windowshields were supposed to eliminate the dangers of flying glass. A customer of such car while driving car was hit by a pebble which shattered the windowshield injuring his eyes. The court awarded the decision in the favour of
Correct Answer
Customer
Multiple Choice Multiple Answer
Question
Products liability law is full of mixtures . It is mixture of
Correct Answer
Tort law , Contract law , Consumer protection law
True/False
Question
The law of products liability governs the public litigation of product accidents
Correct Answer
False
True/False
Question
Purchasers cannot try out drugs to determine whether they kill or cure
Correct Answer
True
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
Select The Blank
Question
If the carrier or his agent negligently misdates the bill, the carrier as principal is liable in________
Correct Answer
damages
Question Correct Answer
Agreement with minor Voidable agreement
Consideration Cash or kind
Contract Legal obligation
Proposal accepted Promise
Multiple Choice Multiple Answer
Question
The London court of International Arbitration includes any question regarding its
Correct Answer
Existance , Validity , Termination
Multiple Choice Multiple Answer
Question
The Institute Cargo clauses B covers the loss of or damage to the subject - matter insured reasonably attributed to
Correct Answer
Fire or explosion , Discharge of cargo at a port of distress , Earthquake, volcanic eruption or lightening
Select The Blank
Question
An implied contract is one which is inferred from the ________ of the parties.
Correct Answer
Conduct
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
Multiple Choice Single Answer
Question
Where the subject - matter is insured from one point to another isa
Correct Answer
Voyage policy
Multiple Choice Single Answer
Question
If the carriage of goods by sea are carried in bulk, e.g. coal, oil, grain, the shipper may hise a whole vessel i.e.
Correct Answer
charter party
Multiple Choice Single Answer
Question
The trading Invoice should state the
Correct Answer
Name and addresses of seller and buyer
Select The Blank
Question
In legal phraseology there is no privity of ________ between customer and manufacturer
Correct Answer
Contract
Select The Blank
Question
The________ expoter has no locas standi under GATT
Correct Answer
Individual
Match The Following
Question Correct Answer
The most important institution for the==== The ICC court
arbitral settlement of International trade disputes
The administrative and financial regulations === ICSID
European Arbitration==== Sponsored by the UN economic commission
The London court of International arbitration==Sponsored by Chartered Insitute of Arbitration
Multiple Choice Multiple Answer
Question
Inventions that are not patentable are
Correct Answer
Invention which is frivolous , Any plan or scheme , The mere discovery of a new property
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
Select The Blank
Question
The assured can insure a consignment of goods from Pune to Birmingham provided these place are________in the marine policy as the commencement and destination of the transit
Correct Answer
Named
Multiple Choice Single Answer
Question
The marine insurance policy or the marine insurance certificate forms a part of the
Correct Answer
Shipping Document
Select The Blank
Question
Contracts created by law are called ________.
Correct Answer
Quasi contract
Select The Blank
Question
India is a signatory and indeed a ________ member of GATT
Correct Answer
Founder
Multiple Choice Single Answer
Question
The copy right is
Correct Answer
Incorporal property
Select The Blank
Question
The expression stale bill of lading is used in ________ practice
Correct Answer
banking
True/False
Question
Invented words, coined words, fancy words are all synonymous terms.
Correct Answer
True
Multiple Choice Single Answer
Question
The legal principle that the Bank is entitled ro reject documents which do not strictly confirm with the terms of the credit is the
Correct Answer
Doctrine of strict compliance
Select The Blank
Question
The burden of proof for recovery under the insurance is that of the ________
Correct Answer
Assured
Select The Blank
Question
The marine insurance covers all riskof loss or damage to the subject - matter insured except ________clauses
Correct Answer
Exclusion clauses
Multiple Choice Single Answer
Question
The international carriage of goods is to a large extent, still conducted on the basis of paper work by using
Correct Answer
transport documents
True/False
Question
A patentee or his licensee is not granted exclusive right to exploit the invention
Correct Answer
False
True/False
Question
The arbitrator , like a judge, has power to order the inspection of the object in dispute.
Correct Answer
True
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
True/False
Question
Ii is in the public interest to encourage the marketing of the products having defects that can be sold in lower price to the public.
Correct Answer
False
Select The Blank
Question
It would be infringed by making a ________ copy of the topographical arrengement.
Correct Answer
facsimile
Multiple Choice Multiple Answer
Question
Paries convention lay down the basic principle governing protection of
Correct Answer
Patents , Trademarks , Industrial design
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
Paris convention is applicable to industrial property
Correct Answer
Inventions , Trade marks , Service marks
Multiple Choice Single Answer
Question
The insured value specified in the policy is the
Correct Answer
Agreed Value
True/False
Question
Time policies may cover a fixed priod of twelve months on the continuation clause
Correct Answer
False
Multiple Choice Multiple Answer
Question
The letter of cradit should state which of the methods have been chosen by the parties namely,
Correct Answer
Payment at sight , Deferred payment , Acceptance or negotiance
Multiple Choice Multiple Answer
Question
There ia absence of free consent if the agreement is induced by
Correct Answer
Coercion , Undue influence , Misrepresentation
True/False
Question
In the United States, most commercial arbitration are governed by the United States Arbitration Act
Correct Answer
True
True/False
Question
Arbitration has a contract and non judicial element.
Correct Answer
False
Multiple Choice Single Answer
Question
The goodwill between a trader and his customer, which the marks helps to sustain is protected by the
Correct Answer
Common Law
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 Single Answer
Question
A reputed automobile manufacturer advertised that their cars have a shatter proof glass windowshields. These windowshields were supposed to eliminate the dangers of flying glass. A customer of such car while driving car was hit by a pebble which shattered the windowshield injuring his eyes. The court awarded the decision in the favour of
Correct Answer
Customer
Multiple Choice Multiple Answer
Question
Products liability law is full of mixtures . It is mixture of
Correct Answer
Tort law , Contract law , Consumer protection law
True/False
Question
The law of products liability governs the public litigation of product accidents
Correct Answer
False
True/False
Question
Purchasers cannot try out drugs to determine whether they kill or cure
Correct Answer
True
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
Select The Blank
Question
If the carrier or his agent negligently misdates the bill, the carrier as principal is liable in________
Correct Answer
damages
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