Business Law

Q: The Dominican RepublicCentral America Free Trade Agreement (DR-CAFTA) disallows its member nations from entering into treaties with countries in Central America that are not part of the DR-CAFTA.

Q: The Association of Southeast Asian Nations (ASEAN) was created as a treaty among the oil-producing countries of Asia.

Q: The Organization of the Petroleum Exporting Countries (OPEC) sets quotas on the output of oil production by its individual member nations.

Q: Individuals and businesses can directly approach the International Court of Justice to fight a case involving international contracts.

Q: The United Nations is charged to take enforcement actions to ensure member compliance with the European Union.

Q: The European Union Commission has negligible authority to enact legislations and take enforcement actions when compared to the EU.

Q: Under the European Union, customs duties have been eliminated among member nations.

Q: The euro can only be used in countries that are part of the eurozone.

Q: A nation can seek redress on behalf of an individual or a business that has a claim against another country in the International Court of Justice.

Q: The secretary-general of the UN is elected by the Security Council.

Q: The International Monetary Fund is an example of an autonomous agency that is a part of the UN.

Q: The International Monetary Fund is an exclusive organization set up to primarily help the member nations of the Security Council.

Q: The International Court of Justice is composed of 15 judges who serve nine-year terms.

Q: Any state or local law that unduly burdens foreign commerce is considered to be in violation of the Foreign Commerce Clause.

Q: Under the Treaty Clause, both the federal government and state governments can enter into treaties with foreign nations.

Q: The Treaty Clause of the U.S. Constitution designates the president of the United States as its agent to deal with foreign affairs.

Q: The UN Security Council is composed of all the UN member nations.

Q: The UN does not allow permanent membership of the Security Council to any member nation.

Q: The UN Secretariat is headed by the secretary-general of the UN.

Q: Many international contracts contain a ________ clause that designates which nation's court has jurisdiction to hear a case arising out of a dispute.

Q: The ________ Act exclusively governs suits against foreign nations that are brought in federal or state courts in the United States.

Q: Laws and regulations that have been adopted by Catholic and other Christian ecclesiastical authorities that relates to internal laws that govern the church and its members are known as ________ laws.

Q: Jewish jurisprudence is administered by the ________, which is a Jewish court consisting of rabbi-judges.

Q: The U.S. Constitution divides the power to regulate foreign affairs equally between the federal and state governments.

Q: The ________ doctrine is based on the principle that a country has absolute authority over what transpires within its own territory. The doctrine states that judges of one country cannot question the validity of an act committed by another country within that other country's borders.

Q: ________ is an exclusive organization of oil-producing countries that sets quotas on the output of oil production by member nations.

Q: In 1995, the ________ was created as a successor to the General Agreement on Tariffs and Trade (GATT).

Q: The panel report on the dispute among members of the World Trade Organization is referred to the ________, which then may adopt the panel report if it sees fit.

Q: The judicial branch of the UN is known as the ________.

Q: The ________ administers the day-to-day operations of the UN.

Q: The UN ________ is composed of 15 member nations, and is primarily responsible for maintaining international peace and security and has authority to use armed force.

Q: The EU's ________ is composed of representatives from each member country who meet periodically to coordinate efforts to fulfill the objectives of the treaty.

Q: The ________ is a collective term used to indicate nations that use the euro as their currency.

Q: The ________ is a treaty between the United States, Mexico, and Canada to create a free trade zone between the three countries.

Q: How are disputes settled in the World Trade Organization (WTO)? What are the different WTO bodies that handle disputes?

Q: What does the act of state doctrine assert?

Q: Under the ________ Clause of the Constitution, treaties become part of the "law of the land," and conflicting state or local law is void.

Q: ________ are treaties that are sponsored by international organizations, such as the United Nations.

Q: All UN members are part of the ________, which is the legislative body of the UN.

Q: What is the World Bank? What is its function?

Q: What are the implications of the North American Free Trade Agreement (NAFTA) treaty?

Q: Which of the following is true of the Islamic law of Shari'a ? A) The Shari'a disallows making a reasonable profit from the sale of goods and services. B) All Islamic countries strictly follow the complete Shari'a to govern all aspects of life. C) The Shari'a encourages riba through the strict payment and collection of interest on loans within stipulated periods of time. D) The Shari'a is primarily used in the areas of marriage, divorce, and inheritance and, to a limited degree, criminal law.

Q: The classical Hindu law was based on ________. A) civil codes B) court decisions C) works of private scholars D) canons called Torahs

Q: Explain the Treaty Clause of the U.S. Constitution.

Q: Which of the following is codified under the Foreign Sovereign Immunities Act? A) the act of state doctrine B) the principle of restricted immunity C) the supremacy clause D) the choice of forum clause

Q: Which of the following is an exception to the Foreign Sovereign Immunities Act? A) sham exception B) managed trade exception C) diversity of citizenship exception D) commercial activity exception

Q: The ________ prescribes comprehensive and integrated rules of religious, political, and legal life that together form Jewish thought. A) Canon B) Torah C) dharmasastra D) Riba

Q: Throughout Christianity, divine and natural laws have been issued in the form of ________. A) edicts B) conventions C) novations D) canons

Q: Which of the following statements is true with regard to the canons of Christian faith? A) The Code of Canon Law produced in the 1917 is followed by all sects of Christianity today. B) The Code of Canon Law regulates the conduct of the Church but fails to govern the actions of individual Catholics. C) The Orthodox churches treat their canons more as guidelines than as laws. D) The canons remain silent on the legal measures guiding marriage or inheritance.

Q: By default, a case involving an international dispute is prosecuted only in ________. A) the International Court of Justice B) a court in the defendant's country C) a court in the plaintiff's country D) a court in a neutral country

Q: ________ is a clause in an international contract that designates which nation's laws will be applied in deciding a dispute arising out of the contract. A) Equal Protection Clause B) Supremacy Clause C) Forum-selection clause D) Choice of law clause

Q: ________ is a clause in an international contract that designates which nation's court has jurisdiction to hear a case arising out of the contract. A) Forum-selection clause B) Treaty Clause C) Foreign Commerce Clause D) Choice of law clause

Q: ________ is a rule which states that judges of one country cannot question the validity of an act committed by another country within that other country's borders. A) Doctrine of sovereign immunity B) Act of state doctrine C) Colgate Doctrine D) Noerr Doctrine

Q: Which of the following is provided under the Foreign Sovereign Immunities Act? A) It stipulates the rules for conflict resolution among the DR-CAFTA members. B) It endows the president with powers to enter into treaties with foreign nations. C) It exclusively governs suits against foreign nations in the United States. D) It regulates commerce between the United States and foreign nations.

Q: Which of the following replaced the General Agreement on Tariffs and Trade (GATT)? A) World Bank B) World Trade Organization C) International Monetary Fund D) North American Free Trade Commission

Q: In case of a breach in trade agreements of the World Trade Organization (WTO), which of the following WTO bodies first hears the dispute? A) the WTO panel B) the WTO appellate body C) the WTO dispute settlement body D) the WTO General Council

Q: What is the role of the WTO dispute settlement body? A) to hear appeals on decisions made on a dispute B) to create panel reports on the findings of the dispute C) to hear the dispute settlement from the plaintiff D) to review panel reports and adopt them if necessary

Q: Indonesia, Vietnam, Thailand, and Philippines are members of the ________. A) Organization of the Petroleum Exporting Countries B) Association of Southeast Asian Nations C) Dominican RepublicCentral America Free Trade Agreement D) North American Free Trade Agreement

Q: Ecuador, Algeria, and the United Arab Emirates are members of the ________. A) North American Free Trade Agreement B) Dominican RepublicCentral America Free Trade Agreement C) Association of Southeast Asian Nations D) Organization of the Petroleum Exporting Countries

Q: The ________ is an international organization of 153 member nations created in 1995 to promote and enforce trade agreements among member countries and customs territories. A) World Trade Organization B) International Monetary Fund C) North American Free Trade Commission D) General Agreement on Tariffs and Trade

Q: Which of the following statements is true of the International Court of Justice? A) It is the executive branch of the United Nations that helps interpret international law. B) It only hears cases of nations, and not of individuals and businesses. C) It does have the authority to hear cases involving treaties and UN charters. D) It is headed by the secretary-general of the United Nations.

Q: The World Bank is ________. A) an autonomous agency under the aegis of the European Union B) an agency that monitors the financial collaborations taking place in the eurozone C) primarily responsible for promoting sound monetary, fiscal, and macroeconomic policies worldwide D) primarily responsible for providing money to developing countries to fund projects for humanitarian purposes

Q: ________ is a regional international organization that comprises many countries of Western and Eastern Europe and was created to promote peace and security as well as economic, social, and cultural development. A) European Economic Community B) Common Market C) North Atlantic Treaty Organization D) European Union

Q: Which of the following statements is true of the European Union? A) All issues have to be passed unanimously by the EU members to be enforced. B) Every country in the European Union has adopted the euro as its monetary unit. C) Custom duties have been removed among member nations of the European Union. D) Custom tariffs have been removed for trade between the EU and the rest of the world.

Q: The ________ is a trilateral treaty that has removed or reduced tariffs, duties, quotas, and other trade barriers between the United States, Canada, and Mexico. A) Free Trade Area of the Americas Treaty B) North American Free Trade Agreement C) Central America Free Trade Agreement D) General Agreement on Tariffs and Trade

Q: Which of the following statements is true of the NAFTA? A) It allows a member country to reimpose tariffs if imports are hurting that country's economy or its workers. B) It disallows any special protection being extended to specific industries. C) It disallows NAFTA members from trading with other countries unless a unanimous permission is obtained. D) It has been hailed by economists to be a perfect example of a free trade pact.

Q: Local laws that are adopted by municipalities and local governments to regulate land use within their boundaries are known as ________ ordinances.

Q: A(n) ________ is an exception that permits a type of building or use in an area that would not otherwise be allowed by a zoning ordinance.

Q: Uses for real estate and buildings that already exist in a zoned area that are permitted to continue even though they do not fit within a new zoning use established for the area are known as ________.

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