Understanding International Business Law: Midterm Exam Guide
School
Christopher Newport University**We aren't endorsed by this school
Course
BUSN 8151
Subject
Law
Date
Dec 11, 2024
Pages
5
Uploaded by KidGalaxy16460
Exam Name: International Business Law Midterm ExamTime: 120 minutesTotal Score: 100 pointsInstructions:1. This exam consists of multiple-choice questions, open-ended questions, and calculation questions.2. Please answer all questions on the answer sheet provided.3. Each multiple-choice question is worth 2 points, each open-ended question is worth 4 points, and each calculation question is worth 6 points.4. Read each question carefully before answering.Question 1: Multiple-choice question (2 points)In international business law, what is the term used to describe the agreement between twoor more countries regarding trade and economic matters?A. TreatyB. ContractC. Memorandum of UnderstandingD. ArbitrationQuestion 2: Open-ended question (4 points)Explain the difference between the New York Convention and the Rome I Regulation in international business law.Question 3: Calculation question (6 points)A company is negotiating a contract with a foreign supplier. The total value of the contract is$1,000,000. The supplier has requested a payment of 20% upfront, with the remaining 80% due upon delivery. If the exchange rate is 1 USD = 1.2 EUR, calculate the amount to be paid in EUR for both the upfront payment and the remaining payment upon delivery.Question 4: Multiple-choice question (2 points)What is the main objective of the World Trade Organization (WTO)?A. To promote free trade between countriesB. To regulate international financeC. To protect the environmentD. To ensure fair labor practicesQuestion 5: Open-ended question (4 points)Discuss the importance of the principle of pacta sunt servanda in international business law and provide examples of its application.
Question 6: Calculation question (6 points)A company is planning to export goods to a foreign country. The cost of production is $200,000, and the company expects a profit margin of 20%. The exchange rate is 1 USD = 0.9 EUR. Calculate the minimum selling price in EUR to achieve the desired profit margin.Question 7: Multiple-choice question (2 points)In international business transactions, which of the following is a common method of payment?A. Cash on deliveryB. Bank transferC. Letter of creditD. Telegraphic transferQuestion 8: Open-ended question (4 points)Explain the concept of forum non conveniens in international business law and discuss the factors considered when determining the most appropriate forum for resolving a dispute.Question 9: Calculation question (6 points)A company is importing goods from a foreign supplier. The total cost of the goods is $500,000, and the company expects a profit margin of 25%. The exchange rate is 1 USD = 1.1 EUR. Calculate the selling price in EUR to achieve the desired profit margin.Question 10: Multiple-choice question (2 points)What is the purpose of an arbitration clause in an international business contract?A. To appoint a mediatorB. To specify the governing lawC. To provide a mechanism for resolving disputesD. To define the scope of the contractQuestion 11: Open-ended question (4 points)Discuss the significance of the Vienna Convention on the International Sale of Goods (CISG) in international business law and explain its key provisions.Question 12: Calculation question (6 points)A company is exporting goods to a foreign country. The total cost of the goods is $300,000, and the company expects a profit margin of 30%. The exchange rate is 1 USD = 0.8 EUR. Calculate the minimum selling price in EUR to achieve the desired profit margin.Question 13: Multiple-choice question (2 points)What is the role of a notary public in international business transactions?A. To verify the authenticity of documentsB. To provide legal adviceC. To act as a mediator
D. To handle financial transactionsQuestion 14: Open-ended question (4 points)Explain the concept of force majeure in international business law and discuss the factors that can be considered as force majeure events.Question 15: Calculation question (6 points)A company is importing goods from a foreign supplier. The total cost of the goods is $400,000, and the company expects a profit margin of 35%. The exchange rate is 1 USD = 1.3 EUR. Calculate the minimum selling price in EUR to achieve the desired profit margin.Question 16: Multiple-choice question (2 points)What is the purpose of a bill of lading in international business transactions?A. To transfer ownership of goodsB. To provide insurance coverageC. To document the shipment of goodsD. To facilitate customs clearanceQuestion 17: Open-ended question (4 points)Discuss the importance of the principle of jurisdiction in international business law and explain the factors that determine the jurisdiction of a court in a dispute involving international parties.Question 18: Calculation question (6 points)A company is exporting goods to a foreign country. The total cost of the goods is $600,000, and the company expects a profit margin of 40%. The exchange rate is 1 USD = 0.9 EUR. Calculate the minimum selling price in EUR to achieve the desired profit margin.Question 19: Multiple-choice question (2 points)What is the role of a领事在international business transactions?A. To verify the authenticity of documentsB. To provide legal adviceC. To act as a mediatorD. To handle financial transactionsQuestion 20: Open-ended question (4 points)Explain the concept of conflicts of laws in international business law and discuss the methods used to resolve conflicts between different legal systems.Question 21: Calculation question (6 points)A company is importing goods from a foreign supplier. The total cost of the goods is $700,000, and the company expects a profit margin of 45%. The exchange rate is 1 USD = 1.2 EUR. Calculate the minimum selling price in EUR to achieve the desired profit margin.
Question 22: Multiple-choice question (2 points)What is the purpose of a letter of credit in international business transactions?A. To guarantee payment to the sellerB. To provide insurance coverageC. To document the shipment of goodsD. To facilitate customs clearanceQuestion 23: Open-ended question (4 points)Discuss the importance of the principle of lex mercatoria in international business law and explain its significance in the absence of a specific governing law.Question 24: Calculation question (6 points)A company is exporting goods to a foreign country. The total cost of the goods is $800,000, and the company expects a profit margin of 50%. The exchange rate is 1 USD = 0.8 EUR. Calculate the minimum selling price in EUR to achieve the desired profit margin.Question 25: Multiple-choice question (2 points)What is the role of a notary public in international business transactions?A. To verify the authenticity of documentsB. To provide legal adviceC. To act as a mediatorD. To handle financial transactionsQuestion 26: Open-ended question (4 points)Explain the concept of recognition and enforcement of foreign judgments in international business law and discuss the factors that can affect the recognition and enforcement process.Question 27: Calculation question (6 points)A company is importing goods from a foreign supplier. The total cost of the goods is $900,000, and the company expects a profit margin of 55%. The exchange rate is 1 USD = 1.1 EUR. Calculate the minimum selling price in EUR to achieve the desired profit margin.Question 28: Multiple-choice question (2 points)What is the purpose of a bill of lading in international business transactions?A. To transfer ownership of goodsB. To provide insurance coverageC. To document the shipment of goodsD. To facilitate customs clearanceQuestion 29: Open-ended question (4 points)Discuss the importance of the principle of good faith in international business law and
explain its application in contractual relationships.Question 30: Calculation question (6 points)A company is exporting goods to a foreign country. The total cost of the goods is $1,000,000,and the company expects a profit margin of 60%. The exchange rate is 1 USD = 0.9 EUR. Calculate the minimum selling price in EUR to achieve the desired profit margin.Please fill in the answer sheet provided.