Monday, August 5, 2013

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

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