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

The CISG, adopted in 1980, is the primary multilateral treaty governing international sales contracts and has been ratified by over 90 countries.

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

Civil law systems, derived from Roman law, rely on codified statutes as the primary source of law, with judges applying codes rather than creating precedent.

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

The FCPA makes it unlawful for U.S. persons and entities to bribe foreign government officials for the purpose of obtaining or retaining business.

Question 4

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

Accepted Answer

World Trade Organization (WTO)

Answer

TRIPS is administered by the WTO and sets minimum standards for IP protection that all WTO member countries must implement in their national laws.

Question 5

The New York Convention of 1958 is primarily designed to:

Accepted Answer

Recognize and enforce foreign arbitral awards in signatory countries

Answer

The New York Convention obligates signatory states to recognize and enforce arbitral awards made in other signatory countries, making it a cornerstone of international arbitration.

MIB - Master of International Business Practice Test

MIB - Master of International Business Practice Test

MIB International Business Law & Ethics