International Commercial Law - 19

This solved paper has been contributed by Raul Castro

THANKS TO : Raul Castro

--------------------------------------------------------------------------------
  

    LIST OF ATTEMPTED QUESTIONS AND ANSWERS    

 True/False 

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

  Correct Answer   True 

  Your Answer   True 

 Select The Blank 

  Question   In some cases, the transaction may not involve a sale. The product may have been ________ or loaned by the owner 

  Correct Answer   Leased 

  Your Answer   Leased 

 Select The Blank 

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

  Correct Answer   Contract 

  Your Answer   Contract 

 Select The Blank 

  Question   The unpaid seller has also a ________ interest in them untill the buyer is deemed to have accepted the goods 

  Correct Answer   Defensible 

  Your Answer   Contingent 

 True/False 

  Question   Words which do not describe the character or quality of goods are registerable. 

  Correct Answer   True 

  Your Answer   False 

 True/False 

  Question   The seller pays all the charges upto the loading of goods at the address of buyer 

  Correct Answer   False 

  Your Answer   True 

 Multiple Choice Multiple Answer 

  Question   Arbitration tribunals have been consituted in 

  Correct Answer   Poland , Czekoslovakia , Hungary  

  Your Answer   Poland , Czekoslovakia , Hungary  

 True/False 

  Question   Under through Bills of Lading Covering on Carriage by air, the air consignment is a document of title but bill of lading is not. 

  Correct Answer   False 

  Your Answer   False 

 Select The Blank 

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

  Correct Answer   expression 

  Your Answer   expression 

 Multiple Choice Single Answer 

  Question   In a contrat between A, B Of Bombay and Banglore respectively it may be provided that all dispute between them should be decided by a court in Bombay. Therefore in case B files a suit in Banglore, A may Sucessfully objected to the 

  Correct Answer   Juridication of courts in Banglore 

  Your Answer   Juridication of courts in Banglore 

 Multiple Choice Single Answer 

  Question   The customer and manufacture has no 

  Correct Answer   Privity of Contract 

  Your Answer   Privity of Contract 

 Multiple Choice Single Answer 

  Question   GATT is a multilateral treaty that lays down general rules for the cnduct of 

  Correct Answer   International trade relation 

  Your Answer   International trade relation 

 Multiple Choice Multiple Answer 

  Question   The Institute Cargo clauses B covers the loss of or damage to the subject - matter insured reasonably attributed to 

  Correct Answer   Fire or explosion , Discharge of cargo at a port of distress , Earthquake, volcanic eruption or lightening  

  Your Answer   Fire or explosion , Discharge of cargo at a port of distress , Earthquake, volcanic eruption or lightening  

 Select The Blank 

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

  Correct Answer   Assured 

  Your Answer   Assured 

 True/False 

  Question   Term of Registration and renewal increased from 7 to 10 years. 

  Correct Answer   True 

  Your Answer   True 

 True/False 

  Question   Ii is in the public interest to encourage the marketing of the products having defects that can be sold in lower price to the public. 

  Correct Answer   False 

  Your Answer   False 

 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  

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

 Multiple Choice Single Answer 

  Question   The trading Invoice should state the 

  Correct Answer   Name and addresses of seller and buyer 

  Your Answer   Name and addresses of seller and buyer 

 Multiple Choice Single Answer 

  Question   Industrial design is design elements in 

  Correct Answer   Industrial produced articles 

  Your Answer   Industrial produced articles 

 Match The Following 

Question Correct Answer Your Answer 

Legalprotection of computer software Trade secreat system Trade secreat system 

Expressionof thought Original work Original work 

Not entitled for copyright protection A mere idea Computer work 

Novels, drama, poetry Literary work A mere idea 

 Match The Following 

Question Correct Answer Your Answer 

The manufacturing process Quality control Quality control 

Important issue of vertical privity is Who can be sued Who can be sued 

Sales talk Opinion maticulous precautions 

An automobile or high speed machinery maticulous precautions The marketing process 

 Multiple Choice Single Answer 

  Question   If the seller requires payment before the deferred payment credit matures, he can obtain it by 

  Correct Answer   Negotiating the Letter of Credit 

  Your Answer   Negotiating the Bill of Lading 

 Multiple Choice Multiple Answer 

  Question   The critical point is in the port of shipmentin the traditional forms of export contracts such as 

  Correct Answer   f.o.b , c.i.f , f.a.s  

  Your Answer   f.o.b , c.i.f , f.a.s  

 True/False 

  Question   Scenic effects and costumes are not the subjects of copyright even if they are artistic 

  Correct Answer   False 

  Your Answer   False 

 Multiple Choice Single Answer 

  Question   The work under the copyright Act should be 

  Correct Answer   originated from the author 

  Your Answer   originated from the author 

 Multiple Choice Single Answer 

  Question   The words copyright derives from the expression 

  Correct Answer   Copy or words 

  Your Answer   Copy or words 

 Multiple Choice Single Answer 

  Question   Unregistered trade mark can be protected by the action of 

  Correct Answer   Passing off 

  Your Answer   Passing off 

 Multiple Choice Single Answer 

  Question   Apolicy which specifies the agreed value of the subject mateer insured 

  Correct Answer   A valued policy 

  Your Answer   A valued policy 

 Select The Blank 

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

  Correct Answer   Price 

  Your Answer   Price 

 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 

  Your Answer   Ship 

 True/False 

  Question   Time policies may cover a fixed priod of twelve months on the continuation clause 

  Correct Answer   False 

  Your Answer   False 

 Multiple Choice Single Answer 

  Question   Inventions are protected by 

  Correct Answer   Patent 

  Your Answer   Patent 

 True/False 

  Question   The computer programmes have been included in the ambit of patentability 

  Correct Answer   False 

  Your Answer   False 

 Select The Blank 

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

  Correct Answer   dated 

  Your Answer   dated 

 Multiple Choice Single Answer 

  Question   A contract in which the parties agree that a false invoice be isued is 

  Correct Answer   Unenforceable by Law 

  Your Answer   Unenforceable by Law 

 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 

  Your Answer   Freight 

 Select The Blank 

  Question   When the consumer deals with the retailer rather than directly with the manufacture he establishes a ________ relationship 

  Correct Answer   Contractual 

  Your Answer   Contractual 

 Select The Blank 

  Question   ________ has no eastablished status in Law but are admissible in evidence against the seller if litigation ensues between him and buyer 

  Correct Answer   Letters of Insurance 

  Your Answer   Letters of credit 

 Multiple Choice Multiple Answer 

  Question   The exclusion clauses covers 

  Correct Answer   War exclusion clause , Strike exclusion , Loss or damage caused by any terrorist  

  Your Answer   War exclusion clause , Strike exclusion , Loss or damage caused by any terrorist  

 Select The Blank 

  Question   The rights of the copyright ________ may be roughly classified into reproduction rights and performing rights. 

  Correct Answer   owner 

  Your Answer   owner 

 Multiple Choice Multiple Answer 

  Question   The theories of liability may be divided into three groups 

  Correct Answer   Negligence , Misrepresentation, both tortions and by breach of warranty , Strict liabilty in tort for defective products  

  Your Answer   Negligence , Misrepresentation, both tortions and by breach of warranty , Strict liabilty in tort for defective products  

 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 

  Your Answer   False 

 Multiple Choice Multiple Answer 

  Question   Paries convention lay down the basic principle governing protection of 

  Correct Answer   Patents , Trademarks , Industrial design  

  Your Answer   Patents , Trademarks  

 True/False 

  Question   An electrical terminal for washing meachine was held registrable because a potential customer may decide to buy it solely for its utility 

  Correct Answer   False 

  Your Answer   False 

 Multiple Choice Single Answer 

  Question   The broker wright the essentials of the proposed insurance in cuetomery abbreviationson a document called 

  Correct Answer   The Slip 

  Your Answer   The Slip 

 Multiple Choice Multiple Answer 

  Question   Classification of contracts by it's validity are 

  Correct Answer   Voidable contract , Illegal contract , Unenforceable contract  

  Your Answer   Voidable contract , Illegal contract , Unenforceable contract  

 Multiple Choice Multiple Answer 

  Question   The Lioyd's marine policy form is schedule into which the following information is to be inserted 

  Correct Answer   The policy number , The subject- matter insured , The amount insured  

  Your Answer   The policy number , The subject- matter insured , The amount insured  

Read more »

Posted in: International Commercial Law(Set-7)

Strategic Finance - 29

This solved paper has been contributed by sirivennala 2000

THANKS TO : sirivennala 2000
-------------------------------------------------------------------------------

Read more »

Posted in: Strategic Finance (Set XI)

International Commercial Law - 18

This solved paper has been contributed by Raul Castro

THANKS TO : Raul Castro
-------------------------------------------------------------------------------

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

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 Single Answer
Question The court of Arbitration does not itself disputes but if the parties have not agreed on the arbitrator (s) , the court appoints

Correct Answer An arbitrator

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

Multiple Choice Single Answer
Question If the carriage of goods by sea are individual pakages, they are carried under

Correct Answer bill of lading

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 Single Answer
Question The ICC Court of Arbitration is not a governmental institution but is created by the

Correct Answer International Chamber of Commerce

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 If the parties have arranged a payment at sight credit, the advising bank is instructed to arrange for the payment
Correct Answer to the seller, due on presentation of their documents

Multiple Choice Single Answer
Question To avoid anything in the nature of set off or counter claim, a letter of credit is given by a
Correct Answer Bank to the seller


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

Correct Answer True

Multiple Choice Single Answer
Question For sea transport the international convention is

Correct Answer the Hague - Vishy rules relating to bill of lading

Multiple Choice Multiple Answer
Question The London court of Inernational Arbitration is a tripartite organization sponsored by the
Correct Answer Chartered Insitute of Arbitration , London Chamber of Commerce , The city of London Corporation

Select The Blank
Question The ICC Court of arbitration its seat at the headquarters of the ICC in________

Correct Answer Paris
Your Answer Paris

Multiple Choice Multiple Answer
Question The shipping document consist of mainly

Correct Answer A clean bill of lading , Amarine insurance policy , The invoice

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

Correct Answer Negligently

True/False
Question The frustration occures whenever the Law recognizes that with default of either party a contractual obligation has become incapable of being performed

Correct Answer True

Select The Blank
Question In some cases, the transaction may not involve a sale. The product may have been ________ or loaned by the owner

Correct Answer Leased

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 Multiple Answer
Question In stand by letters of credit, the bank may also be instructed to authorise another bank against the stipulated documents to

Correct Answer Pay bills of exchange , Accept bills of exchange , Negotiate bills of exchange

Multiple Choice Single Answer
Question The law relating to letters of credit is founded on the principle of

Correct Answer The doctrine of strict performance

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

Multiple Choice Single Answer
Question Land transport (Road), the international convention is

Correct Answer the CMR

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 If the seller requires payment before the deferred payment credit matures, he can obtain it by

Correct Answer Negotiating the Letter of Credit

True/False
Question Infringement of patent takes place, normally during Industrial or Commercial activities

Correct Answer True

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

Correct Answer Price

True/False
Question In practice revocable credits are not widely used and irrevocable credits are in frequent use.

Correct Answer True

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 Single Answer
Question The plaintiff must have some badge of recognition upon which to found his

Correct Answer Reputation

Multiple Choice Single Answer
Question The words copyright derives from the expression

Correct Answer Copy or words

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

True/False
Question The two types of contract of carriage by sea is contracts evident by bill of lading and contracts containing perils

Correct Answer False

Multiple Choice Multiple Answer
Question Dramatic work includes

Correct Answer work of dance and mine , the scenario for a film , the script for a film

True/False
Question The computer programmes have been included in the ambit of patentability

Correct Answer False

Select The Blank
Question A ' would be patentee may endanger his own chances by any sort of publicity ________ registration of a patent

Correct Answer Before

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 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 Kinds of bills of lading are

Correct Answer Shipped and received bills , Feright prepaid and freight collect bill , clean and claused bill

Multiple Choice Multiple Answer
Question The major alterations proposed by the Hamburg Rules are

Correct Answer Increased maximum limits of liability of the carrier , Exclusion of the carrier's liability in case of error in nevigation, abolished , Application of the rules to transport documents

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 Multiple Answer
Question Industrial design may be defined as

Correct Answer Features of shape , configuration , Patter and ornament

Multiple Choice Multiple Answer
Question Classification of contracts by it's validity are

Correct Answer Voidable contract , Illegal contract , Unenforceable contract

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

True/False
Question In the case o fliterary work like encyclopedia dictionaries, year books etc., i.e. where there is collective work and output, there is a joint authorship.

Correct Answer False

Multiple Choice Single Answer
Question The novelty of an invention is to be recognized from the angle of

Correct Answer Manner of manufacture

Multiple Choice Multiple Answer
Question The Lioyd's marine policy form is schedule into which the following information is to be inserted

Correct Answer The policy number , The subject- matter insured , The amount insured

Read more »

Posted in: International Commercial Law(Set-6)

International Commercial Law - 17

This solved paper has been contributed by Raul Castro

THANKS TO : Raul Castro

-------------------------------------------------------------------------------

 

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

Read more »

Posted in: International Commercial Law(Set-6)

International Commercial Law - 16

This solved paper has been contributed by Raul Castro

THANKS TO : Raul Castro

--------------------------------------------------------------------------------

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

 Question                                 Correct Answer

Agreement with minor            Voidable agreement

Consideration                          Cash or kind

Contract                                  Legal obligation

Proposal accepted                   Promise

Multiple Choice Multiple Answer

Question  

The London court of International Arbitration includes any question regarding its

Correct Answer  

Existance , Validity , Termination

Multiple Choice Multiple Answer

Question  

The Institute Cargo clauses B covers the loss of or damage to the subject - matter insured reasonably attributed to

Correct Answer  

Fire or explosion , Discharge of cargo at a port of distress , Earthquake, volcanic eruption or lightening

Select The Blank

Question  

An implied contract is one which is inferred from the ________ of the parties.

Correct Answer  

Conduct

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

Multiple Choice Single Answer

Question  

Where the subject - matter is insured from one point to another isa

Correct Answer  

Voyage policy

Multiple Choice Single Answer

Question  

If the carriage of goods by sea are carried in bulk, e.g. coal, oil, grain, the shipper may hise a whole vessel i.e.

Correct Answer  

charter party

Multiple Choice Single Answer

Question  

The trading Invoice should state the

Correct Answer  

Name and addresses of seller and buyer

Select The Blank

Question  

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

Correct Answer  

Contract

Select The Blank

Question  

The________ expoter has no locas standi under GATT

Correct Answer  

Individual

Match The Following

Question                                  Correct Answer

The most important institution for the====                           The ICC court

arbitral settlement of International trade disputes

The administrative and financial regulations  ===                 ICSID

European Arbitration====                             Sponsored by the UN economic commission

The London court of International arbitration==Sponsored by Chartered Insitute of Arbitration

Multiple Choice Multiple Answer

Question  

Inventions that are not patentable are

Correct Answer  

Invention which is frivolous , Any plan or scheme , The mere discovery of a new property

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

Select The Blank

Question  

The assured can insure a consignment of goods from Pune to Birmingham provided these place are________in the marine policy as the commencement and destination of the transit

Correct Answer  

Named

Multiple Choice Single Answer

Question  

The marine insurance policy or the marine insurance certificate forms a part of the

Correct Answer  

Shipping Document

Select The Blank

Question  

Contracts created by law are called ________.

Correct Answer  

Quasi contract

Select The Blank

Question  

India is a signatory and indeed a ________ member of GATT

Correct Answer  

Founder

Multiple Choice Single Answer

Question  

The copy right is

Correct Answer  

Incorporal property

Select The Blank

Question  

The expression stale bill of lading is used in ________ practice

Correct Answer  

banking

True/False

Question  

Invented words, coined words, fancy words are all synonymous terms.

Correct Answer  

True

Multiple Choice Single Answer

Question  

The legal principle that the Bank is entitled ro reject documents which do not strictly confirm with the terms of the credit is the

Correct Answer  

Doctrine of strict compliance

Select The Blank

Question  

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

Correct Answer  

Assured

Select The Blank

Question  

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

Correct Answer  

Exclusion clauses

Multiple Choice Single Answer

Question  

The international carriage of goods is to a large extent, still conducted on the basis of paper work by using

Correct Answer  

transport documents

True/False

Question  

A patentee or his licensee is not granted exclusive right to exploit the invention

Correct Answer  

False

True/False

Question  

The arbitrator , like a judge, has power to order the inspection of the object in dispute.

Correct Answer  

True

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

True/False

Question  

Ii is in the public interest to encourage the marketing of the products having defects that can be sold in lower price to the public.

Correct Answer  

False

Select The Blank

Question  

It would be infringed by making a ________ copy of the topographical arrengement.

Correct Answer  

facsimile

Multiple Choice Multiple Answer

Question  

Paries convention lay down the basic principle governing protection of

Correct Answer  

Patents , Trademarks , Industrial design

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  

Paris convention is applicable to industrial property

Correct Answer  

Inventions , Trade marks , Service marks

Multiple Choice Single Answer

Question  

The insured value specified in the policy is the

Correct Answer  

Agreed Value

True/False

Question  

Time policies may cover a fixed priod of twelve months on the continuation clause

Correct Answer  

False

Multiple Choice Multiple Answer

Question  

The letter of cradit should state which of the methods have been chosen by the parties namely,

Correct Answer  

Payment at sight , Deferred payment , Acceptance or negotiance

  

Multiple Choice Multiple Answer

Question  

There ia absence of free consent if the agreement is induced by

Correct Answer  

Coercion , Undue influence , Misrepresentation

True/False

Question  

In the United States, most commercial arbitration are governed by the United States Arbitration Act

Correct Answer  

True

True/False

Question  

Arbitration has a contract and non judicial element.

Correct Answer  

False

Multiple Choice Single Answer

Question  

The goodwill between a trader and his customer, which the marks helps to sustain is protected by the

Correct Answer  

Common Law

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 Single Answer

Question  

A reputed automobile manufacturer advertised that their cars have a shatter proof glass windowshields. These windowshields were supposed to eliminate the dangers of flying glass. A customer of such car while driving car was hit by a pebble which shattered the windowshield injuring his eyes. The court awarded the decision in the favour of

Correct Answer  

Customer

Multiple Choice Multiple Answer

Question  

Products liability law is full of mixtures . It is mixture of

Correct Answer  

Tort law , Contract law , Consumer protection law

True/False

Question  

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

Correct Answer  

False

True/False

Question  

Purchasers cannot try out drugs to determine whether they kill or cure

Correct Answer  

True

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

Select The Blank

Question  

If the carrier or his agent negligently misdates the bill, the carrier as principal is liable in________

Correct Answer  

damages

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Posted in: International Commercial Law(Set-6)