MIB International Business Law & Ethics 2

Question 1

Which clause in an international commercial contract specifies which country's law will govern interpretation and enforcement of the agreement?

Accepted Answer

Choice of law clause

Answer

A choice of law clause (also called a governing law clause) expressly identifies which jurisdiction's legal rules will apply when interpreting or enforcing the contract.

Question 2

Incoterms rules published by the International Chamber of Commerce (ICC) primarily define:

Accepted Answer

The responsibilities of buyers and sellers regarding delivery, risk, and costs

Answer

Incoterms standardize the allocation of costs, risks, and responsibilities between buyer and seller in international trade, covering tasks like arranging transport and insurance.

Question 3

In international litigation, 'forum non conveniens' is a doctrine that allows a court to:

Accepted Answer

Dismiss a case because it would be more appropriately heard in another jurisdiction

Answer

Forum non conveniens permits a court to decline jurisdiction when another forum is substantially more convenient for the parties and the interests of justice.

Question 4

The Paris Convention for the Protection of Industrial Property primarily covers:

Accepted Answer

Industrial property such as patents, trademarks, and industrial designs

Answer

The Paris Convention, one of the first IP treaties (1883), protects industrial property including patents, utility models, industrial designs, trademarks, and trade names.

Question 5

Investor-State Dispute Settlement (ISDS) mechanisms allow multinational corporations to:

Accepted Answer

Resolve investment disputes with host governments outside domestic court systems

Answer

ISDS clauses in bilateral investment treaties and trade agreements allow foreign investors to bring claims directly against host governments before international arbitration tribunals.

MIB - Master of International Business Practice Test

MIB - Master of International Business Practice Test

MIB International Business Law & Ethics 2