1. Compare common law and civil law

2. Describe international commercial dispute settlement

3. Describe essential elements of a valid contract

4. Describe elements of negligence

5. Describe duties of an agent

6. Describe Lex Mercatoria

True/False

1. A set of rules developed over a long period of time regulating people's interaction with each other and that sets standards of conduct between individuals and individuals and the state

True/False

2. A contract is a promise or a set of promises which the law will enforce.

True/False

3. Consideration is an act or forbearance of one party, or the promise thereof, is the price for which the promise of the other is bought, and the promise thus given for value is enforceable".

True/False

4. A contract can not be made orally.

True/False

5. In duty of care, duty may be defined as an obligation, recognised by law, to avoid conduct fraught with unreasonable risk of danger to others.

True/False

6. A license is a nonexclusive revocable privilege that allows a licensee to use a licensor's property.

True/False

7. Agency is the relationship existing between two parties whereby one (the agent) is authorised by the other (the principal) to do, on his/her behalf, certain acts which affect the principal's rights and duties to third parties.

True/False

8. Proximity is the notion of "nearness or closeness", which includes: physical proximity, circumstantial proximity, but not causal proximity

True/False

9. A bill of lading is an instrument issued by an ocean carrier to a shipper with whom the carrier has entered into a contract for the carriage of goods.

True/False

10. Tort means 'civil wrong' for which the remedy is common law action for damages

True/False

Case Two

Luckin Coffee to be delisted by Nasdaq

If you were wondering when the shares of scandal-ridden Chinese coffee company Luckin would trade again, it looks like the answer is never.

Nasdaq informed the company of its plan to delist the shares in a May 15 notice, Luckin said in a regulatory filing late Monday.

In early April, Luckin revealed it had uncovered fabricated transactions as part of an internal investigation into accounting regularities. Shares plunged more than 75% before being halted on April 6.

On May 12, Luckin announced it had fired its CEO as well as chief operating officer Jian Luthe latter of whom had already been suspended for misconduct, along with several of his direct reports.

Luckin said in Monday's filing that it plans to request a hearing with Nasdaq about the delisting notice. The stock will remain on Nasdaq until the hearing date, which Luckin said should take place within the next 30 to 45 days.

But it's not looking promising for Lickin, which went public in May 2019 and initially soared on hopes that it was stealing market share from Starbucks in China. As of late last year the company had 3,680 stores. However, bankruptcy rumors have been swirling in light of the scandal.

Questions: Did fabricated sales of Luckin Coffee constitute tort? If so, can its' share holders sue for damages? If not, explain why not?