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Exam 5: International Contracts

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Question 1

Multiple Choice

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A termination for "convenience" is

A) illegal.
B) a termination for any reason other than non-performance.
C) a simple process about which the exporter should not have to worry.
D) usually accomplished with good feelings on both sides.
E) None of the above

F) C) and D)
G) A) and B)

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Question 2

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In most Middle Eastern countries,agents and distributors are not required to be nationals of the country.

A) True
B) False

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Question 3

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How trade secrets and other strategic advantages are to be handled is included in a _____________________ clause of a contract.

Courts generally look at two criteria to determine if a contract is international.Those criteria are

A contract with no determined duration and which can no longer be terminated for non-performance (since termination did not take place earlier,even though there was evidence of non-performance),is called an evergreen contract.

An arbitration panel is usually made up of ____________________ arbitrators.

In judging whether or not a contract has been breached,the Uniform Commercial Code (UCC) applies the principle of "perfect tender." This means that

Agents usually feel encouraged if the exporting firm they represent retains for itself a large number of corporate accounts.

A termination of an international contract between an exporter and an agent/distributor can be made by

Accounts that the exporter will keep to itself and will not allow the agent/distributor or any other local representative to sell to are called ____________________accounts.

Under the United Nations Convention on Contracts for the International Sale of Goods (CISG) ,when an offer is made

In contracts with distributors,there are no restrictions on what the exporter and distributor can agree to add on to the wholesale price of the goods.

Lex Mercatoria is

Whether or not a sales contract is international is always self-evident.

The main reason some countries use specific statutes to regulate international distribution agreements is that they feel they need to ____________________ agents and distributors.

A legal dispute in which the loser bears court costs is said to be operating under

A ____________________ notice spells out how many days the exporter must give the agent/distributor before their termination becomes effective.

A complex multitude of international agreements and international trade laws which complement domestic laws is a form of trade law called ____________________.

The "perfect tender" principle means delivered goods must exactly conform to the goods contracted and delivered within the framework specified in the contract.

Whenever a contract is established between two parties in the same country,the law governing the execution of this contract is determined by that country's legal system.