International Commerce Law and Disputes Quiz
Test your knowledge on international commerce law with questions on trade agreements, dispute resolution, conventions, and more.
#1
Which international organization is responsible for the settlement of disputes related to international trade agreements?
World Health Organization (WHO)
International Monetary Fund (IMF)
World Trade Organization (WTO)
United Nations (UN)
#2
What does the Incoterm 'FOB' stand for in international commerce?
Free On Board
Free Out of Balance
Forward On Board
Free Ocean Bill
#3
Which convention provides a uniform set of rules governing international contracts for the sale of goods?
UNCITRAL Model Law
Vienna Convention on the International Sale of Goods (CISG)
Hague Rules
Paris Convention
#4
In the context of international commerce, what is the function of a letter of credit?
To facilitate communication between parties
To ensure compliance with environmental regulations
To provide financial security in transactions
To determine the applicable Incoterm
#5
What is the significance of the 'Most Favored Nation' principle in international trade law?
It grants preferential treatment to certain nations in trade agreements.
It ensures equal treatment to all trading partners, eliminating discrimination.
It favors nations with the highest trade volume.
It promotes protectionism in international commerce.
#6
Under the New York Convention, what is the purpose of the arbitral award's recognition and enforcement?
To establish legal precedence
To facilitate diplomatic relations
To streamline international trade procedures
To provide a framework for resolving labor disputes
#7
Which international court is responsible for resolving disputes between states and has compulsory jurisdiction?
International Court of Arbitration
International Criminal Court
Permanent Court of Arbitration
International Court of Justice
#8
Which organization administers the International Centre for Settlement of Investment Disputes (ICSID)?
United Nations Commission on International Trade Law (UNCITRAL)
World Trade Organization (WTO)
International Chamber of Commerce (ICC)
World Bank
#9
What is the purpose of the 'Force Majeure' clause in international contracts?
To provide insurance coverage for unforeseen events
To excuse performance in the event of unforeseen circumstances beyond control
To establish jurisdiction in case of disputes
To specify the applicable choice of law
#10
Which convention governs the liability of carriers in international carriage of goods by sea?
Warsaw Convention
Montreal Convention
Hague-Visby Rules
Rotterdam Rules
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