Q&A Hero

Q: With regard to the promise of irrevocability, the CISG differs from the UCC in that the CISG ________. A. requires the promise of irrevocability to be signed by both parties B. requires the promise of irrevocability to be limited by time C. does not require for the promise of irrevocability to be in writing D. makes it mandatory only for the offeree, and not for the offeror, to obey the promise of irrevocability

Q: Which of the following makes an offer effective? A. when the offeror makes the proposal B. when it reaches the offeree C. when it mentions a fixed price for the goods D. when it is addressed to the public

Q: A(n) ________ is a proposal addressed to specific persons indicating an intention by the person making the proposal to be bound to the sale or purchase of particular goods for a price. A. agreement B. advertisement C. revocation D. offer

Q: The ________ comes into effect when a contract describes itself as being complete and final, preliminary or informal agreements made prior to or at the same time the contract was made will be ignored when interpreting it. A. choice-of-law clause B. Ultravires rule C. parol evidence rule D. per se rule

Q: The subjective intent approach differs from the objective intent approach in that the subjective intent approach _______. A. tries to interpret the conduct of the parties involved B. tries to interpret the intent of the parties involved C. is considered an inferior form of interpretation D. is only used when objective intent cannot be interpreted

Q: The ________ is a rule that contracts should be interpreted according to the understanding that a reasonable person would have had at the time the agreement was made. A. objective intent approach B. parol evidence rule C. plain meaning rule D. stabilization clause

Q: Using the ________ method of interpreting a statute would require understanding the legislative history leading up to the adoption of that statute. A. nolo contendere B. force majeure C. de minimis D. travaux prparatoires

Q: The ________ states that a statute or treaty is to be interpreted only from the words contained within the statute or treaty. A. foreseeability test B. Ultravires rule C. plain meaning rule D. per se rule

Q: The CISG differs from the United States Uniform Commercial Code (UCC) in that the CISG ________. A. does not enforce unconscionable contracts B. requires that parties act in good faith C. defines goods as movable and tangible D. applies sales laws only to merchants

Q: To determine if CISG applies to a particular contractual issue, one must look to the convention itself. If the convention does apply, domestic law is preempted. This means that ________. A. the case will be handled by the WTO B. the remedies provided in CISG are the only remedies available C. the domestic law will take precedence over the CISG D. both domestic and the CISG laws are applied together

Q: Which of the following features is covered in the CISG? A. rights of the parties involved in the sale of stocks and shares B. the remedies available to the buyer C. the competency of the third parties D. the rights of third parties

Q: Which of the following features of a contract is excluded from the CISG? A. the rights of third parties B. the formation of the contract C. the remedies available to the buyer D. the remedies available to the seller

Q: Which of the following types of transactions would be included in the purview of the CISG? A. sale of land at a foreclosure B. sale by an auction C. sale of patent rights D. sale of negotiable instrument

Q: A transaction involving which of the following types of goods is most likely to be governed by CISG? A. aircraft B. electricity C. negotiable instruments D. agricultural products

Q: The ________ is a contractual provision that identifies the law to be applied in the event of a dispute over the terms or the performance of the contract. A. rule of reciprocity B. choice-of-law clause C. per se rule D. Noerr doctrine

Q: The UNs Convention on Contracts for the International Sale of Goods (CISG) differs from the Convention Relating to a Uniform Law on the Formation of Contracts for the International Sale of Goods (ULF) in that the CISG ________. A. does not represent the legal systems of communist nations B. contains provisions for domestic sales of goods C. represents all major legal systems D. does not contain provisions pertaining to the formation of contracts

Q: The force majeure excuse becomes applicable in the event of a natural disaster.

Q: The force majeure excuse can be used only as long as the underlying impediment continues in existence.

Q: According to the foreseeability test, a breaching party is liable only for those damages that he foresaw or ought to have foreseen.

Q: Anticipatory avoidance cannot be claimed if the specific goods promised to the buyer are wrongfully sold to a third party.

Q: Suspension of performance is a remedy exclusively available to the seller.

Q: The price reduction remedy can be claimed by a buyer only if the buyer has accepted nonconforming goods.

Q: In an in-transit contract, the risk of loss passes to the buyer at the time the contract is concluded.

Q: If a seller cures defects in his nonconforming goods, the buyer loses his or her right to claim any damages under the CISG.

Q: Goods do not conform to a contract if they are subject to third-party claims.

Q: A rejection becomes effective as soon as it is dispatched by an offeree.

Q: If an offer is oral, the acceptance must be made immediately, unless the circumstances indicate otherwise.

Q: The doctrine of consideration does not apply to the CISG.

Q: Under the CISG, the acceptance has to be returned via the same medium in which the original offer was sent.

Q: Offers that do not state that they are irrevocable can be revoked any time before the offeree dispatches an acceptance.

Q: The CISG requires that all contracts should be in writing.

Q: Article 8 of the CISG establishes rules for interpreting the statements and conduct of the parties.

Q: According to the CISG, the rules of private international law would be the final source used for deciding legal questions governed by the convention.

Q: CISG deals with the questions related to the legality of a contract.

Q: Contracts for goods to be manufactured are treated by the CISG as sales of goods unless the buyer undertakes to supply a substantial part of the materials.

Q: Transactions involving auction sales come under the purview of the CISG.

Q: Investment securities come under the purview of the CISG.

Q: Sales transactions involving electricity are excluded from the CISG.

Q: CISG may apply even if the buyers and sellers places of business are not in a contracting state.

Q: The CISG only governs contracts of international sales.

Q: The Convention Relating to a Uniform Law on the International Sale of Goods (ULIS) supersedes the United Nations Convention on Contracts for the International Sale of Goods (CISG).

Q: Explain the sellers remedy of avoidance of installment contracts.

Q: List out the remedies that are unique to a buyer.

Q: How does the risk of loss pass when goods are delivered without being transported?

Q: What is the buyers obligation for payment?

Q: How is the place for delivery decided for contracts?

Q: What are the different types of cartels?

Q: Distinguish between horizontal competition agreements and vertical competition agreements.

Q: What are the different types of franchise?

Q: Write a short note on the World Intellectual Property Organization.

Q: What are the various marks used by merchants to identify themselves and their products?

Q: What is an invention?

Q: What are the different types of patents?

Q: According to the 1976 U.S. Copyright Act, what are the seven categories of works that are eligible for copyright protection?

Q: Explain the right of performance.

Q: What are the two types of intellectual properties?

Q: A(n) ________ authorizes a third party to use a copyrighted work for a fee stipulated in the statute. A. compulsory copyright licenseB. compulsory licenseC. exclusive licenseD. statutory copyright license

Q: A(n) ________ is the grant, by state decree, of a license to use a statutory right when the owner has failed to work it. A. package licenseB. compulsory licenseC. exclusive licenseD. statutory copyright license

Q: ________ is the transfer of multiple statutory rights under a single license. A. Package licensingB. Compulsory licensingC. Exclusive licensingD. Statutory copyright licensing

Q: A ________ is an agreement that a technology licensee will transfer to the licensor any improvements, inventions, or know-how it acquires while using the technology. A. noncompetition clause B. grant-back provision C. tying clause D. cartel

Q: A ________ is a provision requiring a licensee to acquire or use, apart from the technology wanted, goods or personnel designated by the licensor. A. noncompetition clause B. price-fixing clause C. tying clause D. no-challenge clause

Q: Which of the following is true of the price-fixing clause? A. It is a provision forbidding a licensee from competing with the licensor. B. It specifies only the minimum prices. C. It forbids a licensee from entering into agreements to acquire or distribute technologies or products that compete with ones furnished or designated by the licensor. D. It requires a licensee to sell products at a price specified by the licensor.

Q: The ________ states that participants in an industry-wide patent pool must grant reasonable access to the pool to any firm wishing to compete so that no firm will be disadvantaged. A. indemnification clause B. bottleneck principle C. maintenance of value clause D. country of origin principle

Q: A ________ is a contract for the licensing of industrial property rights to two or more licensees. A. WIPO Copyright Treaty B. cross-licensing agreement C. patent pool D. multiple licensing agreement

Q: An agreement to share patents and other technology is called a ________. A. cross-licensing agreement B. vertical competition agreement C. patent pool D. multiple licensing agreement

Q: A cross-licensing agreement is ________. A. an agreement to exchange licenses B. an agreement to share patents and other technology C. an agreement between sellers and buyers D. a contract for the licensing of industrial property rights to two or more licensees

Q: Which of the following is true of a cartel? A. It is a contract for the licensing of industrial property rights to two or more licensees. B. It is a combination of independent business firms organized to regulate the production, pricing, and marketing of goods by its members. C. It is a provision according to which an industry-wide patent pool must grant reasonable access to the pool to any firm wishing to compete so that no firm will be disadvantaged. D. It is a license that restricts who may compete with the licensee.

Q: Agreements between sellers and buyers are called ________. A. vertical competition agreements B. multiple licensing agreements C. cross-licensing agreements D. horizontal competition agreements

Q: Agreements between competitors that have the effect of diminishing competition are called ________. A. vertical competition agreements B. cross-licensing agreements C. multiple licensing agreements D. horizontal competition agreements

Q: Which of the following terms refers to the domestic sale of products manufactured under a license that only grants a foreign licensee the right to sell the goods overseas? A. gray marketing B. patenting C. franchising D. cross-licensing

Q: The ________ states that once a good made or sold under license is in circulation, the licensor has no further right to control its distribution. A. first sale doctrine B. common origin doctrine C. exhaustion-of-rights doctrine D. doctrine of exhaustion

Q: The ________ is a court-adopted rule that allows a reviewing court to consider the overall impact of a particular agreement on competition within its relevant market. A. choice of law rule B. rule of reason C. rule of origin D. ultra vires rule

Q: Which of the following is an example of a distributorship franchise? A. a Pepsi-Cola factory B. a KFC outlet C. Hilton Hotels and Resorts D. Volkswagen dealership

Q: A franchise in which the franchisee sells products it manufactures from a formula or from ingredients provided by the franchisor is called a ________. A. distributorship B. chain-style business C. processing plant franchise D. business format franchise

Q: A ________ is a franchise in which a franchisee operates under the franchisors trade name and is identified as part of the franchisors business. A. chain-style business B. processing plant franchise C. manufacturing franchise D. distributorship

Q: Subway and Dunkin Donuts are examples of a ________. A. manufacturing franchise B. processing plant franchise C. chain-style business D. distributorship

Q: Which of the following terms refers to a franchise in which a manufacturer licenses a dealer to sell its products? A. gray marketing B. processing plant franchise C. chain-style business D. distributorship

Q: Mark owns a chain of hotels. Roby acquires a license that allows him to extend the chain under the supervision and control of Mark. This type of license is an example of a ________. A. franchiseB. patentC. copyrightD. patent pool

Q: A ________ is an authority granted by the owner of an intellectual property to another allowing the latter the right to use it in some limited way. A. trademarkB. copyrightC. licenseD. patent

Q: The ________ establishes an international mechanism that allows inventors to make a single application for patent protection that is equivalent to making a filing in all member states. A. Patent Cooperation Treaty B. Washington Treaty C. rule of reason D. common origin doctrine