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The United States and Singapore have signed the Convention on Contracts

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The United States and Singapore have signed the Convention on Contracts for the International Sale of Goods (CISG). Notren, Inc., a U.S. company, and Sweat, Inc., a Singapore company, have entered into a contract under which Sweat is to ship party supplies to Notren. One of the terms of the contract states, "The validity and performance of this contract will be governed by the Uniform Commercial Code (UCC) of the state of New York, not the Convention of the International Sale of Goods (CISG)." The contract will be governed by the;CISG.;Uniform Commercial Code of New York.;Common law.;The World Trade Law.;Question 46 2 points Save;Zebra Toy Company, located in Chicago, sells $500,000 worth of toys to a London, England, wholesaler. This contract could be governed by;Illinois' Uniform Commercial Code.;English law.;The CISG.;All the above are correct.;Question 47 2 points Save;Hardhat Machine Company sold goods to Irish Eyes Company of Northern Ireland. Big Bank issued a letter of credit on behalf of Irish Eyes and the letter was given to Hardhat. The documents required by the letter of credit are presented to the bank for payment while the goods are still in transit. Is Hardhat entitled to be paid?;No, payment is not due until the goods are delivered.;No, payment is not due until thirty days after delivery.;No, payment is not due until the buyer has had a reasonable time to inspect the goods.;Yes, the letter of credit is a promise by the bank to pay when certain documents are presented.;Question 48 2 points Save;MagNet, a small United States computer company, started doing business in a foreign country. The foreign country later decided to take over all computer industry, including MagNet's operation. The foreign country paid MagNet adequate compensation in United States dollars. The foreign country act is called;comity.;repatriation.;expropriation.;confiscation.;Question 49 2 points Save;Keyll is the vice president of international sales for Oxtren, Inc, a U.S. company. To secure a multimillion dollar government contract for his company, Keyll paid an Italian governmental officer $10,000. Keyll;has violated the Foreign Corrupt Practices Act.;has not violated the Foreign Corrupt Practice Act because the payment was a grease payment.;has not violated the Foreign Corrupt Practices Act because the government official was from Italy, not the United States.;has not violated the Foreign Corrupt Practices Act because Congress has not ratified the Convention of Combatting Bribery of Foreign Public Officials in International Transactions.

 

Paper#32629 | Written in 18-Jul-2015

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