International Commercial Law - 6

This solved paper has been contributed by Raul Castro

THANKS TO : Raul Castro
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LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Multiple Choice Single Answer
Question 
The copy right is

Correct Answer 
Incorporal property

Select The Blank
Question 
An implied contract is one which is inferred from the ________ of the parties.

Correct Answer 
Conduct

Select The Blank
Question 
The clause Arrival means that the seller has to cause delivery to be madeto the buyer from the ________

Correct Answer 
Ship

Multiple Choice Multiple Answer
Question 
The correct dating of the bill of lading is a important matter. It is material in three legal relationships

Correct Answer 
In the content of carriage , In the contract of sale , In relation to the banks under a letter of credit

Select The Blank
Question 
India is a signatory and indeed a ________ member of GATT

Correct Answer 
Founder

Multiple Choice Multiple Answer

Question 
Paris convention is applicable to industrial property

Correct Answer 
Inventions , Trade marks , Service marks

Select The Blank
Question 
The burden of proof for recovery under the insurance is that of the ________

Correct Answer 
Assured

Multiple Choice Multiple Answer

Question 
A contract may be frustrated because subsequent to the conclusion the govt. has prohibited its performance are

Correct Answer 
By place an embargo on the exportation of the goods sold , By place an embargo on the Importation of the goods sold , By the imposition of restructive regulation regardng Licenses and quota

Select The Blank
Question 
The invoice ________is to be stated as the terms of the contract

Correct Answer 
Price

Select The Blank
Question 
Copyright protects the ________ of an idea rather than the idea itself.

Correct Answer 
expression

Multiple Choice Single Answer
Question 
The Slip is lodged at

Correct Answer 
Insurance company

True/False
Question 
The open cover may be limited in time while the floating policy is normally limited to twelve months

Correct Answer 
True

Multiple Choice Single Answer
Question 
Legal status of protection of trade mark can be acquired either by

Correct Answer 
Prolonged use of trade mark by registration

True/False
Question 
Invented words, coined words, fancy words are all synonymous terms.

Correct Answer 
True
 
Multiple Choice Single Answer
Question 
If there is a possibility possibility of rising market price during the transit of the goods, the assured has who has covered the goods under an ordinery policy can obtain a so - called

Correct Answer 
Increased value policy

Select The Blank

Question 
In legal phraseology there is no privity of ________ between customer and manufacturer

Correct Answer 
Contract

True/False
Question 
The defination of patent includes mere discovery of a scientific principle

Correct Answer 
False

True/False
Question 
The buyer is entitled to refuse the acceptance of the goods if they are packed in accordance of his instructions

Correct Answer 
False

Multiple Choice Single Answer
Question 
The single most important document in International Trade and forms the very basis of a large volume in international trade is

Correct Answer 
L/C

Select The Blank
Question 
The container leasing contract providees that the lessee has to pay ________if he retains the container beyond stipulated time

Correct Answer 
Liquidated damages

True/False

Question 
The law of products liability governs the public litigation of product accidents

Correct Answer 
False

Multiple Choice Single Answer
Question 
The trading Invoice should state the

Correct Answer 
Name and addresses of seller and buyer

Multiple Choice Multiple Answer
Question 
Following are not registerable under the Emblems and Names (Prevention of improper use ) Act, 1950.

Correct Answer 
Mahatma Gandhi , Pandit Nehru , Shivaji Maharaj

Multiple Choice Single Answer
Question 
The most frequent method of payment for goods is the export trade is

Correct Answer 
Letter of credit

Multiple Choice Multiple Answer
Question 
The contractual nature of arbituration determines questions , which are not free from controversy . The question are

Correct Answer 
Whether arbitration himself can decide conclusively , whether it the arbitration clause is contained in the original contract , whether the arbitation clause itself is under cloud

Multiple Choice Multiple Answer
Question 
A general average act has to satify the followling requirements. It must be

Correct Answer 
In time of peril , An extraordinary sacrifice or expenditure , Purposely resorted to

Multiple Choice Multiple Answer
Question 
Where payment under a letter of credit is arranged, the stages can normally be distinguished

Correct Answer 
The exporter and the overseas buyer agree in the contract of sale that payment shall be made under a letter of credit , The overseas buyer instructs a bank at his place of business to open a letter of credit , The advising bank informs the exporter that it will negotiate, his draft upon delivery of the transport document

Multiple Choice Single Answer
Question 
The Hague - Visby Ruleshold the carrier liable if he acts

Correct Answer 
Negligently

Match The Following

Question                            Correct Answer
Stating that the credit is divisible or that it is unrestricted for negotiation = Transferable credit
Letter of credit                            Paper transaction
Undertaking by a bank to make payment to a third party    A stand by letter of credit
Convenient method of finance for the small exporter    Packing credit

Multiple Choice Single Answer
Question 
A contract in which the parties agree that a false invoice be isued is

Correct Answer 
Unenforceable by Law

Multiple Choice Multiple Answer
Question 
Actual total loss occures

Correct Answer 
Where the subject matter is destroyed , Where the assured has been irretrievably deprived thereof , Where the subjectmatter has been so damaged that is has loss is commercial identity

True/False

Question 
The expression literary work covers work which is expressed in print or writing irrespective of whether the quality or styal is high

Correct Answer 
True

True/False

Question 
In the case of a confirmed credit, the engagement of the advising bank to the beneficiary is not stated in the letter of advise.

Correct Answer 
False

Multiple Choice Single Answer
Question 
Industrial design is design elements in

Correct Answer 
Industrial produced articles

True/False
Question 
In the socialist countries arbitration tribunals are constituted for dealing with commercial disputes

Correct Answer 
True

Select The Blank
Question 
The marine insurance covers all riskof loss or damage to the subject - matter insured except ________clauses

Correct Answer 
Exclusion clauses

Select The Blank
Question 
Under f.o.b contract the cost of loading is usually included in the ________charges which are to paid by the buyer

Correct Answer 
Freight

True/False
Question 
Arbitration is the most convenient machinery to settle the dispute.

Correct Answer 
True

Select The Blank
Question 
The shipper is entitled to demand that the bill of lading should be________ correctly

Correct Answer 
dated

Multiple Choice Single Answer
Question 
The consumer's main concern is in the

Correct Answer 
Quality of what they are buying

True/False
Question 
The floating policy is not a time policy but the aggregation of voyage policies

Correct Answer 
True

Multiple Choice Multiple Answer

Question 
NewZealan prohibits and restricts certain types of paking like

Correct Answer 
The use of hay , The use of chaff , The use of rice husk

Multiple Choice Multiple Answer

Question 
Other documents inluded in the shipping documents are

Correct Answer 
Certificate of origin , Certificate of quality , Certificate of inspection

True/False
Question 
The principles relating to the ordinary letters of credit dosen't apply to standby credits

Correct Answer 
False

Multiple Choice Multiple Answer
Question 
In a few exceptional cases the assured is barred from recovering the overpaid portions of the premium

Correct Answer 
If the double insurance was effected by the aassured knowingly , If a claim has been paid for the full sum insured , if the policies were effected at different times

Match The Following

Question                            Correct Answer

India is a signatory and indeed a founder member        GATT
World Trade Organisation                    Member India
Intellectual Property Rights Agreement (TRIPS)_        India, a party
Duration of 20 years for patents                TRIPS agreemnt

Multiple Choice Multiple Answer
Question 
When a general average act occures the three interest are at risk
Correct Answer 
The ship , The cargo , The frieght

Posted in: International Commercial Law(Set-2)