LLM Master of Laws MCQ 4

Question 1

In public international law, the principle of 'sovereign immunity' in its restrictive form means:

Accepted Answer

States are immune for governmental acts (jure imperii) but not commercial acts (jure gestionis)

Answer

The restrictive theory of sovereign immunity distinguishes between governmental acts (immune) and commercial acts (not immune).

Question 2

Under US antitrust law, a 'per se' rule applies to conduct that is:

Accepted Answer

So inherently anticompetitive that it is conclusively presumed illegal without further analysis

Answer

Per se rules apply to categories of conduct (like horizontal price-fixing) where the anticompetitive harm is so clear that no case-by-case analysis is needed.

Question 3

The 'business judgment rule' in US corporate law protects directors when they:

Accepted Answer

Make informed decisions in good faith they reasonably believe are in the company's best interest

Answer

The business judgment rule creates a presumption that directors acted on an informed basis, in good faith, and in the honest belief that the action was in the company's best interests.

Question 4

Under TRIPS Agreement Article 27, patent protection must be available for inventions that are:

Accepted Answer

New, involve an inventive step, and are capable of industrial application, in all fields of technology

Answer

TRIPS Article 27 requires patents to be available for inventions meeting the criteria of novelty, inventive step (non-obviousness), and industrial applicability in all technology fields.

Question 5

In US bankruptcy law under Chapter 11, the 'absolute priority rule' provides that:

Accepted Answer

Junior creditors and equity holders cannot receive value unless senior creditors are paid in full

Answer

The absolute priority rule requires that a reorganization plan must pay each class of creditors in full before junior classes receive anything.

LLM - Master of Laws Practice Test

LLM - Master of Laws Practice Test

LLM Master of Laws MCQ 4