Which entity emerged from the General Agreement on Tariffs and Trade, was formally established in $1995$ to serve as the primary global international organization dealing with the rules of trade between nations, ensures that trade flows smoothly, predictably and freely, and has its headquarters in Geneva, Switzerland?

Question $1$ options:

GATT

WTO

WTCA

ICC

Question $2(1$ point$)$

In which legal system does the following apply: law is based on case laws that are determined through the judicial system; and, the method of setting law based on the reliance of previous judicial decisions is known as the doctrine of precedent?

Question $2$ options:

Civil Law

Common Law

Shari'ah Law

Token Law

Question $3(1$ point$)$

Countries generally have tariffs $($taxes on imports and exports$)$; and will list the different schedules of duty applicable on all imports into the country, as well as any goods that are duty$-$free. Generally, tariffs are applied $"$ad valorem"; what does this mean?

Question $3$ options:

Based on the value of the goods

By adding the tariff to the duty

Only on value$-$added goods

By adding value

Question $4(1$ point$)$

Which of the following is the method for customs valuation used under the WTO?

Question $4$ options:

Transaction value method

Shipped goods method

Tariff value method

Value for goods method

Question $5(1$ point$)$

Which of the following categories of duty are applied to most WTO countries that have normal trade relations with the importing country?

Question $5$ options:

Most Favoured Nation $($MFN$)$

Generalized System of Preferences $($GSP$)$

Normal Nation Duty $($NND$)$

WTO Partner Duty

Question $6(1$ point$)$

The elements of a binding contract are often referred to as the Four Corners of a contract. Which of the following is a description of these four components?

Question $6$ options:

a$.(1)$ Offer; $(2)$ Acceptance; $(3)$ Signed document; $(4)$ Legal intention.

b$.(1)$ Offer; $(2)$ Acceptance; $(3)$ Consideration; $(4)$ Legal intention

c$.(1)$ Offer; $(2)$ Signed document; $(3)$ Promised payment; $(4)$ Legal intention

d$.(1)$ Offer; $(2)$ Acceptance; $(3)$ Signed document; $(4)$ Promised payment

Question $7(1$ point$)$

Which of the following international agreement establishes a set of rules governing certain aspects of everyday commercial contracts between sellers and buyers who have their places of business in different countries, and, by adopting it$,$ a nation commits that it will treat the rules as part of its law?

Question $7$ options: