MIB International Business Law & Ethics

Question 1

What is the primary international convention governing contracts for the sale of goods across national borders?

Accepted Answer

United Nations Convention on Contracts for the International Sale of Goods (CISG)

Answer

UNIDROIT Principles of International Commercial Contracts

Answer

Hague Convention on Private International Law

Answer

New York Convention on the Recognition of Arbitral Awards

Question 2

Which legal system, predominant in continental Europe and Latin America, is primarily based on comprehensive written codes and statutes rather than judicial precedent?

Accepted Answer

Civil law

Answer

Common law

Answer

Islamic law (Sharia)

Answer

Customary law

Question 3

The U.S. Foreign Corrupt Practices Act (FCPA) primarily prohibits:

Accepted Answer

U.S. companies and individuals from bribing foreign government officials to obtain business

Answer

Foreign companies from establishing subsidiaries in the United States

Answer

International transfers of intellectual property without government approval

Answer

Importation of goods manufactured with forced labor

Question 4

Which organization administers the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)?

Accepted Answer

World Trade Organization (WTO)

Answer

World Intellectual Property Organization (WIPO)

Answer

United Nations Conference on Trade and Development (UNCTAD)

Answer

International Monetary Fund (IMF)

Question 5

The New York Convention of 1958 is primarily designed to:

Accepted Answer

Recognize and enforce foreign arbitral awards in signatory countries

Answer

Resolve trade disputes between sovereign nations at the WTO

Answer

Establish a permanent international commercial arbitration court

Answer

Harmonize national contract laws across member states

Question 6

Which of the following is NOT a characteristic of common law legal systems?

Accepted Answer

Comprehensive statutory codes serve as the primary legal source

Answer

Judicial decisions create binding precedent (stare decisis)

Answer

Reliance on case law as a primary source of law

Answer

Adversarial court proceedings where parties present competing arguments

Question 7

The doctrine of 'sovereign immunity' in international business law holds that:

Accepted Answer

A state cannot be sued in the courts of another country without its consent

Answer

Multinational corporations are immune from foreign tax jurisdiction

Answer

International treaty obligations automatically override conflicting national laws

Answer

Foreign investors are fully protected from government expropriation of assets