Question 1 0.63 Points Fiduciary duty refers to....

Acting in the best interest of other person, to the exclusion of personal interests.

Prompt payment of invoices.

Speedy delivery of goods.

The method of artificially reducing tax in high tax jurisdictions while artificially increasing profits in low tax jurisdictions.

Question 2 0.62 Points In international maritime law a ship, when in international waters, is governed by which law?

The port of departure

The port of destination

The country who's flag is flown on the ship

The nationality of the Captain

Question 3 0.63 Points When government takes control of an industry from private ownership to government ownership is referred to as ........

Expropriation

Nationalization

Decentralization

Centralization

Question 4 0.63 Points Under which of the following conditions is a contract rendered unenforceable?

Gross unfairness.

Duress

The venue for dispute resolution is not specified.

Both A & B

Question 5 0.63 Points The majority of contract law under the common law system is uncodified.

True

False

Question 6 0.62 Points The Canadian lawyer will provide advice in which of the following key areas?

Likelihood and cost of litigation.

Likelihood of exposure.

Personal experience

All the above

Question 7 0.63 Points Does an international contract need to have a consideration clause?

True

False

Question 8 0.62 Points The term "Most Favoured Nations" is one that implies which of the following?

Diplomatic relations are strong.

Reduced the amount of tax to be paid.

Both parties are a member of a free trade agreement.

None of the above

Question 9 0.63 Points When creating a contract with a distributor can the contract limit the geographic region where the product can be sold?

True

False

Question 10 0.63 Points Negligence is a tort law.

True

False

Question 11 0.63 Points Common law is often referred to as?

Codified law.

Judge made law

Law derived from the Federal Government.

Law practiced in Quebec.

Question 12 0.62 Points Swiss law is the international default law for international contracts.

True

False

Question 13 0.62 Points Under the Corruption of Foreign Public Officials Act (Canada) or Bribery laws the penalty for contravention is:

Repayment of funds.

Trade sanctions placed upon the offending party.

No punishment in Canada

Imprisonment and/or a find.

Question 14 0.62 Points Expropriation is the act of?

Government taking assets away from the owner without payment

Government taking assets away from the owner with payment

Government taking control of an industry

Government giving up control of an industry

Question 15 0.62 Points In a mediation situation who oversees the dispute?

A judge from the Switzerland.

The plaintiff's lawyer.

An external neutral party.

There is no person to oversee the dispute

Question 16 0.62 Points ECL stands for?

Export Central Licensing.

European Conference on Law.

Export Control List.

Export Letters of Credit.

Question 17 0.62 Points When a sales agent has arranged for the international sale of a product from Canada to the United States the sales agent does which of the following?

Bind the seller to enter the contract.

Take ownership of the product for resale

Pay all duties and customs.

Arrange for the appropriate letter of credit

Question 18 0.63 Points When a distributor has arranged for the international sale of a product from Canada to the United States the distributor does which of the following?

Bind the seller to enter the contract.

Take ownership of the product for resale.

Pay all duties and customs.

Arrange for the appropriate letter of credit

Question 19 0.63 Points Centralization of an organization is......

Where power is kept at head office.

Where power is distributed to sub units of the organization.

Where all finances are derived from the same country of origin

Where the FDI is derived from.

Question 20 0.63 Points Tort law is used when which of the following situation arise?

Governments impose trade sanctions on other countries.

A wrong is committed by one person against another.

Both of the above

None of the above

Question 21 0.63 Points Arbitration is a binding resolution mechanism that is forced upon both parties.

True

False

Question 22 0.62 Points A venue clause is best used for which of the following reasons:

What currency the contact will be settled in.

Where a dispute will be heard.

Under which countries laws the contract will be governed.

None of the above.

Question 23 0.62 Points One of the liabilities of a sole proprietorship is limited liability

True

False

Question 24 0.62 Points When forming a company in Canada there are several different options available to the business owner. One such option is the form called "Sole proprietorship". One of the key disadvantages of this business ownership is.

High cost of formation.

The limited amount of employees the company can have.

Unlimited liability to the owner.

There are no disadvantages.

Question 25 0.62 Points A contract must be in the written format in which of the following cases?

Sale of technology and automobiles.

Sale of food items and chemicals.

Sale of services and consulting.

Sale of land and guarantees.

Question 26 0.62 Points The Canadian Constitution governs which of the following?

The rights between government and individuals.

Rights, obligations and division of powers between various levels of government.

Tort law.

Common law.

Question 27 0.63 Points The term ' international law" is derived from which of the following?

International conventions

International treaties

Trade agreements

All the above

Question 28 0.63 Points In Canada, under common law if a distributors agreement is silent on the question of termination which of the following will apply:

Reasonable Notice must be given.

A mandatory 2 year notice must be given.

A mandatory 15 day notice must be given.

A distributor's contract is terminated upon notice from the seller.

Question 29 0.63 Points Does the buyer of a product have the right of non-acceptance?

True

False

Question 30 0.63 Points An assignment of accounts receivable, such as factoring, is the act of?

Entering the account receivable as an asset on the fiscal year end balance sheet.

Delivering payment to seller.

Selling rights to the account receivable to a third party.

Defaulting on payment of the account receivable.

Question 31 0.62 Points When entering a contract with an agent the seller has which of the following responsibilities?

Disclose to the agent all intellectual property matters.

Supply the agent with expense / start-up capital.

Regularly supply agent with updated information

Pay all shipping expenses to the agent's place of business.

Question 32 0.63 Points In 1980 most industrialized countries (including Canada) signed The Vienna Sales Convention. However, Japan did not. If a Canadian company sells goods to Japan does the Vienna Sales Convention apply?

Yes because the seller of product is Canadian.

No because the buyer of product is not a member of the Convention.

Yes, if the contract states Canadian law applies.

The matter is decided by International Chamber of Commerce in Paris, France.

Question 33 0.62 Points The country where funds originate in FDI would be referred to as:

Host country

Home country

Seller country

Buyer country

Question 34 0.63 Points A mistake of fact is when which of the following occurs in a contract?

An honest or reasonable mistake was made.

Parties knowingly deceived the other party.

One party takes unfair advantage of the other.

The court renders a verdict in error.

Question 35 0.62 Points In an export sale agreement a (n) ____ clause should be contained in the contract to deal with uncontrollable events.

Rule of Law

Force majeure

Attornment.

Letter of Credit

Question 36 0.62 Points The Rule of Law is when the state generally recognizes the sanctity of an independent judicial system.

True

False

Question 37 0.62 Points

Express terms are?

Terms used in the international transportation of money.

Terms used when a contract is negotiated quickly.

Terms that are clearly stated in the contract.

Terms used that follow the Sale of Goods Act.

Question 38 0.63 Points "Conditions" in a contract are deemed a fundamental or essential term.

True

False

Question 39 0.63 Points Which of the following does the Vienna Sales Convention NOT apply?

Stocks and bonds.

Textiles

Services

Agricultural products.

Question 40 0.62 Points Which of the following organizations are equipped to conduct arbitrations?

The North American Free Trade Agreement (USMCA)

The European Union.

The International Court

None of the above.