Friday, August 2, 2013

International Commercial Law - 5

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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