Question
_______________are separate contracts between one of the main contracting parties and a third party, and they are most often in the areas of financing or
_______________are separate contracts between one of the main contracting parties and a third party, and they are most often in the areas of financing or credit arrangements, transportation, and insurance. *
Sub supply agreements
Ancillary agreements
Ancillary Contracts
Sub contracts
The payment arrangement most often agreed upon by Canadian parties doing business in countries other than the United States is the letter of credit (L/C), or documentary credit. *
False
True
Trade in services is not as straightforward as trade in goods. For trade in goods the focus is often on delivery, and the use of Incoterms greatly reduces the number of issues to be negotiated by the parties. But this is not the case for trade in services. there is a negotiation template *
True
False
strict liability: from early tort law, the imposition of the burden of compensation on the person who had caused an injury, despite the absence of any blameworthy conduct on their part; also called liability without fault *
True
False
Elements of a Tort Action The general rule in common law tort law is that a plaintiff who wishes to recover in tort must prove three things which is not one of the those *
that the defendant's conduct caused the injury
that the defendant owed the plaintiff a duty of care
that the defendant met the duty
that the defendant breached that duty
Duty of Care is the degree of prudence and caution that a reasonable person would exercise in a given situation and will thus vary with the circumstances of each case. *
True
False
Any business negotiating an international contract for goods or services must bear in mind the implications of its plans from a competition or anti-trust law perspective. *
False
True
Intellectual property includes diverse subject matters like *
C) Copyright
Only Patents, Trademarks and Copyright
B) Trademarks
A, B, C, D and E
A) Patents
D) Industrial designs
Intellectual capital is a mix of *
Human capital (experience, skills, creativity)
Intellectual property rights
Intellectual assets
All of the options
Based on The international intellectual property framework Nations do not enter into contracts, they negotiate conventions, treaties, agreements *
True
False
WIPO treaties fall into *
Treaties that establish classification systems and procedures for improving them
All choices are correct
Treaties that establish international protection
Treaties that facilitate international protection
Patents : rights granted for specific inventions *
True
False
WIPO (World Intellectual Property Organization) is a specialized agency of the United Nations with a mandate to maintain and respect for intellectual property throughout the world *
True
False
Trademarks : they protect elements used to distinguish the products or services and include *
All options
Smells (recognizable fragrances)
Words
Colours (coloured words and symbols)
Audible sounds
Symbols
Businesses can take many different forms to access a foreign market. The several business forms that are most commonly used in today's global business environment are: *
All options
Distributorship
Franchising agreement
Joint venture
Licensing agreement
Direct investment.
Agency,
One of the simplest ways to achieve an increased presence in foreign market is to appoint an agent in that particular market. *
True
False
Agency Relationship: relationship between one person who is a supplier of services or a manufacturer of goods (principal) and another person (agent) who carries out a specific task on the principal's behalf *
True
False
What are the common commercial reasons for appointing an agent? *
D) a desire to service the products in the country of sale
C) a need to comply with particular local laws or regulatory regimes
A, B, C, D
Only A, B and D
A) a need for more committed and indigenous marketing of the product or service
B) a need for more local sourcing of parts or personnel for political or competitive reasons
common characteristics of an Agency relationship includes all except for ? *
the agent is unable to bind the principal unless he or she has express or implied authority to do so
the agent simply facilitates the buying or selling on behalf of the principal;
the agent is not compensated by commission
the agent does not buy or sell for his or her own account;
Actual authority is created by the representation, made by the principal to the third party, that the agent is representing the principal. It is simply the authority that the agent appears to have. *
False
True
Duties of the agent includes all except for ? *
keeping information confidential
keeping in constant contact with the principal and informing the principal of relevant or important developments
obeying lawful instructions of the principal
no need to maintain the standards applicable to the performance of an agent in the particular industry or sector
What is correct about DISTRIBUTORSHIP? *
All options
Distributor is normally free to select its customers, determine pricing, incur expenses, and control its operations.
Normally, not compensated by the supplier. Profit is made by selling the product at a price exceeding what it purchases it for from the supplier, less any expenses incurred in bringing the product into the market and in selling it.
The distributor usually purchases goods on its own account from the supplier for resale to customers. Usually, the distributor will bear the obligation to deliver the product, to take on the economic risk of payment, and to extend credit to the customer.
Distributorships are more common in the case of standardized goods, such as cars, appliances, and consumer products.
Licence Agreement: a contract in which the owner (licensor) of a right (usually intellectual property rights such as patents, trademarks, or trade secrets) permits another party (the licensee) to manufacture and/or market the licensor's products in return for royalties, fees, or other forms of compensation *
True
False
By finding a foreign licensee, a firm accepts the risk and expense of foreign direct investment. If the foreign licensee has experience in manufacturing similar products, manufacturing capacity, and an established marketing network, the arrangement can be very attractive for the Canadian licensor. *
False
True
Characteristics of a Franchise Agreement includes *
All choices are ccorrect
D) Retention of the franchise conditional on the franchisee meeting certain sales quotas.
C) usually for a fixed term
Only a and c
A) strict control over every aspect of the franchisee's business.
Only a and b
B) Failure to comply with any of the detailed requirements for the conduct of the business may carry the penalty of termination.
What makes a joint venture successful? *
a well-established hierarchy;
All choices
complementary strengths and weaknesses of partners
a pre-determined dispute resolution mechanism
open and frequent communication;
realistic expectations on both (all) sides
Arbitration includes all except for ? *
more formalized and voluntary
does not ensure an outcome that is binding on the parties
neutral third party listens to the evidence
renders a decision that the parties have agreed in advance to honor
There has been a great deal written on the advantages of alternate forms of dispute resolution. However, there are still situations where litigation is the appropriate choice for dispute settlement *
True
False
Alternative Dispute Resolution: provides the opportunity for the parties to determine what law will apply to their dispute, who will "judge" a dispute, and what forms of evidence will be permitted. The most common methods of ADR are mediation, and arbitration. *
True
False
Types of arbitration: 1) ad hoc (the parties initiate and proceed with arbitration without the assistance of a permanent arbitral institution) and 2) Institutional (when the parties have agreed that arbitration will be conducted by a specified arbitral institution, according to its rules). *
True
False
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