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Q:
Which of the following terms refers to a contract in which the owner agrees to provide the ship at a named port at a specified time and to carry the goods to the contract destination?
A. voyage charterparty
B. no arrival, no sale contract
C. maritime lien
D. claused bill of lading
Q:
The ________ do(es) not apply to charterparties unless a bill of lading issued by the shipowner comes into the hands of a third party.
A. maritime lien
B. Himalaya Clause
C. Hague and Hague-Visby Rules
D. no arrival, no sale contract
Q:
A ________ is a contract to hire an entire ship for a particular voyage or for a period of time.
A. maritime lien
B. claused bill of lading
C. straight bill of lading
D. charterparty
Q:
Which of the following is a term in a bill of lading that purports to extend to third parties the carriers liability limits established by the Hague and Hague-Visby Rules?
A. Himalaya Clause
B. force majeure clause
C. voyage charterparty
D. ultra vires rule
Q:
An order bill of lading differs from a straight bill of lading in that, an order bill of lading ________.
A. gives the transferee greater rights
B. is non-negotiable
C. is issued to a named consignee
D. is issued by a shipper to an ocean carrier
Q:
Which of the following best describes an order bill of lading?
A. It is a bill of lading that is negotiable.
B. It is a bill of lading indicating that the goods have been properly loaded on board the carriers ship.
C. It is a bill of lading indicating that some discrepancy exists between the goods loaded and the goods listed on the bill.
D. It is a bill of lading issued to a named consignee that is not negotiable.
Q:
Which of the following best describes a straight bill of lading?
A. It is a bill of lading issued to a named consignee that is not negotiable.
B. It is a bill of lading indicating that the goods have been properly loaded on board the carriers ship.
C. It is a bill of lading indicating that some discrepancy exists between the goods loaded and the goods listed on the bill.
D. It is a bill of lading that is negotiable.
Q:
Which of the following best describes a claused bill of lading?
A. It is a bill of lading that is negotiable.
B. It is a bill of lading issued to a named consignee that is not negotiable.
C. It is a bill of lading indicating that some discrepancy exists between the goods loaded and the goods listed on the bill.
D. It is a bill of lading indicating that the goods have been properly loaded on board the carriers ship.
Q:
Which of the following best describes a clean bill of lading?
A. It is a bill of lading that is negotiable.
B. It is a bill of lading issued to a named consignee that is not negotiable.
C. It is a bill of lading indicating that some discrepancy exists between the goods loaded and the goods listed on the bill.
D. It is a bill of lading indicating that the goods have been properly loaded on board the carriers ship.
Q:
A(n) ________ is an instrument issued by an ocean carrier to a shipper that serves as a receipt for goods shipped, as evidence of the contract of carriage, and as a document of title for the goods.
A. bill of lading
B. air waybill
C. letter of credit
D. bill of exchange
Q:
A(n) ________ is a seagoing common carrier operating with a stated rate schedule but without established routes.
A. common carrier
B. conference line
C. independent line
D. tramp vessel
Q:
A(n) ________ is a seagoing common carrier operating over established routes with a stated rate schedule.
A. conference line
B. independent line
C. common carrier
D. free carrier
Q:
A(n) ________ is an association of seagoing carriers that have joined together to offer common freight rates.
A. independent line
B. freight forwarder
C. conference line
D. free carrier
Q:
A ________ is a ship that carries goods for all persons who choose to employ it so long as there is room.
A. common carrier
B. free carrier
C. freight forwarder
D. tramp vessel
Q:
A ________ is a firm that makes or assists in the making of shipping arrangements.
A. common carrier
B. freight forwarder
C. charterparty
D. free carrier
Q:
The trade term ________ is used when the seller fulfills his obligations to deliver by making the goods available at his premises.
A. freight forwarder
B. free alongside
C. ex works
D. dead freight
Q:
Which of the following documents provided by a seller represents freight?
A. bill of lading
B. letter of credit
C. invoice
D. insurance policy
Q:
Which of the following documents provided by a seller represents cost?
A. bill of lading
B. air waybill
C. invoice
D. insurance policy
Q:
The trade term ________ is used when the seller fulfills his obligations to deliver when the goods have been placed alongside the vessel on the quay or in lighters at the named port of shipment.
A. free alongside
B. free on board
C. free carrier
D. common carrier
Q:
Which of the following terms refers to the point in the transaction where the risk of loss or damage to the goods is transferred from the seller to the buyer?
A. demurrage
B. ad litem
C. contra legem
D. delivery
Q:
The trade term ________ is used when the seller fulfills his obligations to deliver the goods passed over the ships rail at the named port of shipment.
A. free on board
B. freight forwarder
C. common carrier
D. dead freight
Q:
Which of the following trade terms means that the seller has an obligation to deliver the goods to a named place for transfer to a carrier?
A. ex works
B. dead freight
C. free
D. demurrage
Q:
The trade term ________ is used when the seller fulfills his obligations to deliver by handing over the goods, cleared for export, to a carrier named by the buyer.
A. ex works
B. free carrier
C. charterparty
D. demurrage
Q:
The air waybills and consignment notes used in air carriage are documents of title.
Q:
With average policies can be purchased without a franchise clause.
Q:
A partial loss is known in the marine insurance industry as a particular average.
Q:
In the marine insurance industry, a free from particular average policy provides more protection than a with average policy.
Q:
If a vessel is sold, the lien goes with the ship, even if the new owner is unaware of its existence.
Q:
Maritime liens require possession.
Q:
In civil law countries, the lien exists against the owner as a debtor.
Q:
In civil law countries, a vessel is regarded as a juridical person separate and apart from its owner.
Q:
Res is a charge or claim against a vessel, its freight, or its cargo.
Q:
The contract of carriage between a charterer and a shipowner is the charterparty.
Q:
Lay days are the number of days that a charterer may keep a chartered ship idle for the loading of goods.
Q:
Dead freight is a charge imposed on a charterer when a chartered ship has less than a full load.
Q:
A time charterparty is a contract to hire an entire ship for a particular voyage.
Q:
The Hague and Hague-Visby Rules do not apply to charterparties unless a bill of lading issued by the shipowner comes into the hands of a third party.
Q:
A charterparty is a contract for the hire of an entire ship for a particular voyage or a set period of time.
Q:
The Himalaya Clause says that only persons who are a party to a contract may enforce its provisions.
Q:
The transferee of an order bill of lading acquires both the rights and the liabilities of his transferor.
Q:
Bearer instruments are transferred by negotiation.
Q:
The transfer of a straight bill gives the transferee greater rights than those of his transferor.
Q:
Bills certifying that the goods have been properly loaded on board are known as claused bills of lading.
Q:
A bill of lading is a document of title.
Q:
A bill of lading is an instrument issued by an ocean carrier to a shipper with whom the carrier has entered into a contract for the carriage of goods.
Q:
A conference line is an association of seagoing carriers that have joined together to offer common freight rates.
Q:
Where the owner or operator of a vessel is willing to carry goods for more than one person, the vessel is known as a free carrier.
Q:
Under an ex works contract, all the costs connected with transportation are the responsibility of the seller.
Q:
Under an ex works contract, a seller is obliged only to deliver the goods at his own place of business.
Q:
The insurance policy represents the cost element of a contract.
Q:
Incoterms are trade terms published by the International Chamber of Commerce.
Q:
How are the general principles of the CISG interpreted when dealing with a dispute?
Q:
Compare between product liability in domestic law and the CISG.
Q:
Why are auction sales and sales otherwise by authority of law excluded from the CISG?
Q:
How is sales defined in the CISG?
Q:
Briefly explain how the CISG is organized.
Q:
According to the excuse of ________, a party may not rely on a failure of the other party to perform, to the extent that such failure was caused by the first partys act or omission.
A. nachfrist notice
B. force majeure
C. anticipatory avoidance
D. dirty hands
Q:
A party can claim the excuse of ________ if he or she can prove that the failure to perform on his or her part was due to an event or effect that could not be reasonably anticipated or controlled.
A. dirty hands
B. Nachfrist notice
C. force majeure
D. nolo contendere
Q:
Which of the following is true of damages under the CISG?
A. Damages for breach of contract by one party do not include loss of profit suffered by the other party as a consequence of the breach.
B. The party claiming damages is under an obligation to mitigate losses.
C. The foreseeability test cannot be applied in cases involving damage claim.
D. The breaching party is not liable for any foreseeable damages.
Q:
In which of the following cases can anticipatory avoidance be claimed?
A. if the buyer willingly agrees to accept nonconforming goods
B. if the seller does not get payment from the buyer
C. if the sellers only employee capable of producing the goods dies or is not available
D. if the buyer notices that the goods are defective after accepting the goods
Q:
________ is a remedy available to either party when it becomes clear that the other party will commit a fundamental breach.
A. Anticipatory avoidance
B. Missing specifications
C. Special performance
D. Avoidance of an installment contract
Q:
Which of the following is a remedy available to both buyers and sellers?
A. missing specifications
B. avoidance of an installment contract
C. specific performance
D. reduction in price
Q:
________ is a remedy that allows a seller to ascertain requirements himself when the buyer fails to supply them as required by the contract or within a reasonable time after the seller requests them.
A. Missing specifications
B. Special performance
C. Nachfrist notice
D. Suspension of performance
Q:
If a seller delivers early, ________.
A. the buyer must accept the goods and pay the money immediately
B. the right of the buyer to recover damages is lost
C. the buyer is under no obligation to take delivery
D. the buyer will become entitled to a reduction in price
Q:
Under the CISG, the fixing by the buyer of an additional reasonable period of time in which the seller may perform is known as ________.
A. dlai de grce
B. de minimis
C. nolo contendere
D. Nachfrist notice
Q:
Which of the following is true of the buyers remedies under the CISG?
A. The right to recover damages is not lost if a buyer exercises any other available remedy.
B. The right to recover can only be availed after the seller is given a period of grace in which to comply.
C. The right to recover does not include reduction in price of the goods.
D. The type of remedy applicable in a case depends on whether the sellers breach affects the whole contract or only a part.
Q:
Unlike the U.S. Uniform Commercial Code and some other domestic sales laws, the CISG rules on risk of loss are not concerned with breach of contract. Which of the following contracts is an exception to this?
A. a shipment contract
B. an in-transit contract
C. a destination contract
D. a transshipment contract
Q:
In the case of a destination contract, the risk of loss passes to the buyer ________.
A. when the goods are handed over or placed at his disposal at that place
B. as soon as he/she accepts the contract in writing
C. when the goods are handed over to the first carrier for shipment
D. at the time the contract is concluded
Q:
If a contract requires the seller to deliver the goods to a carrier at a named place, who will then carry the goods to the buyer, the risk of loss passes to the buyer ________.
A. when the goods leave the warehouse of the seller
B. as soon as he/she accepts the contract in writing
C. when the goods are handed over to the carrier at that place
D. at the time the contract is concluded
Q:
________ are contracts that require the seller to deliver the goods to a carrier for further transfer and do not require the seller to deliver them to a particular place.
A. Destination contracts
B. Transshipment contracts
C. In-transit contracts
D. Shipment contracts
Q:
Which of the following is true of the CISGs risk allocation between parties of a contract?
A. If a seller fails to take delivery, then the buyer has to assume the risk for any damage to the goods after that time.
B. The CISG defines some trade terms, which can be used by the parties to allocate risk among themselves.
C. It allows parties to use Incoterms for risk allocation.
D. The CISGs risk allocation is affected by breach of contact.
Q:
Which of the following is necessitated once the passage of risk has been completed?
A. The buyer must pay the agreed-upon price for the goods involved.
B. The seller must pay monetary compensation for nonconforming goods.
C. The seller must absorb the cost of loss of goods.
D. The buyer no longer remains responsible for loss or risk of the goods.
Q:
Which of the following describes the term passage of risk?
A. the period given to the seller to rectify nonconforming goods
B. a period during shipment when neither buyer nor seller bears the risk of loss
C. the period during which the seller is responsible for losses to the goods
D. the point in time when the buyer becomes responsible for losses to the goods
Q:
Which of the following terms refers to a court order directing a party to carry out the obligations he had contractually promised to do?
A. replevin
B. specific performance
C. cease and desist
D. prior restraint
Q:
The remedy of sending out a notification by a party that he or she is canceling a contract and returning everything already received would constitute a(n) ________.
A. avoidance
B. counteroffer
C. revocation
D. replevin
Q:
Which of the following is true of the remedy of avoidance used by an injured party of a contract?
A. It can be used without notification to the injuring party.
B. It revokes all the provisions governing the rights and duties of the parties.
C. It cancels out any provisions in the contract concerning the settlement of disputes, once used.
D. It can be used in case a fundamental breach of the contract has been observed.
Q:
Which of the following is true under the CISG if the offeree dispatches a rejection and an acceptance to the offeror?
A. both the acceptance and the rejection would be considered void
B. whichever reaches the offeror first would take precedence over the other
C. rejection would take precedence over an acceptance
D. an acceptance would take precedence over a rejection
Q:
Which of the following statements is true regarding the acceptance of an offer?
A. If the offer is oral, the acceptance must be communicated to the offeror within 2 months of receiving the offer.
B. An offeree must express assent in the form of writing.
C. Silence or inactivity, in and of itself, constitute acceptance.
D. Acceptance must be received by the offeror within the time period specified in the offer.
Q:
A contract comes into existence when an offeree communicates his/her ________ to the offeror.
A. acceptance
B. counteroffer
C. revocation
D. firm offer
Q:
A firm offer is an offer ________.
A. in which a fixed price is not mentioned for the goods or the services being sold
B. in which the offeree is an individual and the offeror is an organization
C. which is governed by the laws of the WTO
D. that the offeror promises to keep open for a fixed period of time