International Commercial Law - 16

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