International Commercial Law - 15

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

True/False
Question The judges or the arbitrators as they are known, can be of the parties choice.
Correct Answer True

Select The Blank
Question In legal phraseology there is no privity of ________ between customer and manufacturer
Correct Answer Contract

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

Multiple Choice Multiple Answer
Question Product liability is the liability of the producer of a product which, owing to a defect causes
Correct Answer Injury to the user , Damages to the user , Loss to the user

Multiple Choice Multiple Answer
Question The defect in a product may be in the
Correct Answer Lack of quality , Insufficiency in the instruction for use , Failure to give adequate warning of a dangerous propensity of the product

Select The Blank
Question Under f.o.b contract the cost of loading is usually included in the ________charges which are to paid by the buyer
Correct Answer Freight

Multiple Choice Single Answer
Question The use of the marks by others as a trade mark constitutes
Correct Answer Infringement

Multiple Choice Single Answer
Question The most frequent method of payment for goods is the export trade is
Correct Answer Letter of credit

Multiple Choice Single Answer
Question The law relating to letters of credit is founded on the principle of
Correct Answer The doctrine of strict performance

Multiple Choice Single Answer
Question When the seller tenders the goods, buyer is entitled to
Correct Answer Opportunity to examing the goods

True/False
Question Arbitration has a contract and non judicial element.
Correct Answer False

Select The Blank
Question Commercial invoice is a basic ________in An export transation
Correct Answer Document

Multiple Choice Single Answer
Question To avoid anything in the nature of set off or counter claim, a letter of credit is given by a
Correct Answer Bank to the seller

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 Single Answer
Question The customer and manufacture has no
Correct Answer Privity of Contract

Multiple Choice Multiple Answer
Question The notice by the buyer to the seller to reject the goods
Correct Answer may be givenVerbally , May by telex , May by fax

Multiple Choice Single Answer
Question The consumer's main concern is in the
Correct Answer Quality of what they are buying

Multiple Choice Single Answer
Question Since 1948 GATT has been the main forum for the settlement of
Correct Answer International trade dispute

Multiple Choice Single Answer
Question Section 104 deals with penalty for
Correct Answer selling goods for which false trade mark is applied

Multiple Choice Single Answer
Question The expression literary work covers work which is expressed in
Correct Answer print or writing

True/False
Question Under through Bills of Lading Covering on Carriage by air, the air consignment is a document of title but bill of lading is not.
Correct Answer False

Multiple Choice Multiple Answer
Question Following word marks other than surnames are registerable. They are
Correct Answer Personal names , Geographical names , Names of sect

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 Under delivered free duty paid clause, the seeller pays all the charges up to the ________ of the goods at the buyer's address
Correct Answer Delivery

Multiple Choice Multiple Answer
Question Types of contracts are :
Correct Answer Express contract , illegal contracts , Void contracts

True/False
Question The floating policy is not a time policy but the aggregation of voyage policies
Correct Answer True

Select The Blank
Question In some cases, the transaction may not involve a sale. The product may have been ________ or loaned by the owner
Correct Answer Leased

Multiple Choice Multiple Answer
Question Other documents inluded in the shipping documents are
Correct Answer Certificate of origin , Certificate of quality , Certificate of inspection

Select The Blank
Question If a claim is founded on fault liability , the claimant has to prove ________ and that the product was at fault
Correct Answer Causation

True/False
Question The defination of patent includes mere discovery of a scientific principle
Correct Answer False

Select The Blank
Question The ICC Court of arbitration its seat at the headquarters of the ICC in________
Correct Answer Paris

True/False
Question The Ex - Ship clause relates execusively to the place of despatching of the goods
Correct Answer False

Multiple Choice Single Answer
Question where a bill of lading acknowledges the receipt of goods in apparent good order and condition, it is termed as
Correct Answer clean bill of leading

Match The Following
Question Correct Answer


A marine insurance policy The shipping document
The cost of loading under f.o.b. contract Paid by the buyer
If the goods are ascertained Property in goods passes
Goods found to be not in accordance with the terms of the contract Buyer rejecting the goods in c.i.f contract



Match The Following
Question Correct Answer


Agreement with minor Voidable agreement
Consideration Cash or kind
Contract Legal obligation
Proposal accepted Promise



Multiple Choice Multiple Answer
Question The notice by the buyer to the seller to reject the goods should be
Correct Answer Clear , definit , Not to be cotradicted by an act

Multiple Choice Single Answer
Question A revocable credit may be amended or cancelled by the issuing bank at any moment and without
Correct Answer Prior notice to the beneficiary

Multiple Choice Multiple Answer
Question A contract may be frustrated because subsequent to the conclusion the govt. has prohibited its performance are
Correct Answer By place an embargo on the exportation of the goods sold , By place an embargo on the Importation of the goods sold , By the imposition of restructive regulation regardng Licenses and quota

Multiple Choice Single Answer
Question The Society Lloyd's has members like
Correct Answer Underwriting

Multiple Choice Multiple Answer
Question The buyer is entitled to reject the goods if they
Correct Answer Do not correspond with the sample , Are not of merchantable quality , Are not in confirmity of thr terms of the contract

True/False
Question Arbitration in the socialist countries are similar in some respects from that in the countries of free economy
Correct Answer False

Multiple Choice Single Answer
Question Patent once granted for an invention is an intellectual property which remains in force for a
Correct Answer Specific period of time

Select The Blank
Question The clause Arrival means that the seller has to cause delivery to be madeto the buyer from the ________
Correct Answer Ship

True/False
Question The buyer is entitled to refuse the acceptance of the goods if they are packed in accordance of his instructions
Correct Answer False

True/False
Question It is the responsibility of the carrier to arrange the transshipment with the on-carriers.
Correct Answer True

True/False
Question Where a cargo is a tender in such a manner as to put an ordinary careful insurer on inquriy and he fails to inquire a waiver may be assumed
Correct Answer True

Select The Blank
Question The container leasing contract providees that the lessee has to pay ________if he retains the container beyond stipulated time
Correct Answer Liquidated damages