Question 4(10 points)

You are the sales manager of Wilson Resources, LLC., a Houston, Texas-based business. You are arranging a sale by Wilson of six (6) shipments of Texas crude oil to a customer in Liberia.If you are concerned about political and economic stability in the buyer's country,you should request which type of payment terms tobestprotect the exporter's interest in getting paid for the goods (assuming, of course, that the Liberian buyer will not agree to pay in advance for the oil):

Question 4 options:

Revocable letter of credit

Confirmed irrevocable letter of credit

Sale on open account

Question 5(10 points)

Same facts as No. 4.Both the U.S. and Liberia have ratified the Convention on Contracts for the International Sale of Goods (CISG). The contract between the buyer in Liberia and Wilson Resources, LLC (the seller in the U.S.) for the sale of six (6) shipments of Louisiana crude oil contains no clause in the contract selecting the law to govern.If a dispute arises:

Question 5 options:

The CISG will apply since all the requirements have been met.

The CISG will not apply since the requirement of "legal selection" has not been met.

The Uniform Commercial Code (UCC) will apply since the seller is a U.S. company.

Neither the UCC nor CISG will apply.

Question 6(10 points)

If South Korean brass manufacturers sell brass throughout the world (i.e., in South Korea and elsewhere) at a uniform price that is below the cost of manufacturing the brass, the South Korean brass manufacturers are, by definition, engaged in the unfair trade practice known as "dumping."

Question 6 options:

True False