Business law Final Exam 1 With All
Correct Answers 2026 Updated.
Regulations created by international organizations: - Answer are not law unless adopted and
ratified by individual countries.
When an international organization creates model regulations, it does so with a(n): - Answer
world centric approach
The United Nations Security Council - Answer charged with maintaining international peace
and security
The World Intellectual Property Organization - Answer charged with protecting intellectual
property internationally
International Chamber of Commerce - Answer charged with facilitating international
business
A choice-of-law clause in an international contract will determine: - Answer which country's
law will apply in the event of a dispute.
Which of the following is true about the International Court of Justice? - Answer - It is also
known as The World Court.
-Only a country may initiate a case on behalf of individuals in this court.
- The jurisdiction of the court is limited to hearing cases from countries which agree to be
bound by its decision.
Just as with domestic affairs, international business sometimes results in a - Answer dispute
The International Court of Arbitration (ICA), run by the International Chamber of Commerce -
Answer hears many private international commercial disputes throughout the world
The International Court of Justice (ICJ) - Answer -settles international legal disputes and gives
advisory opinions to the United Nations and its agencies.
-rarely decides legal matters bc an individual or business may not bring a case before the court.
Only a state (country) may initiate a case on behalf of the individual.
,In order for the provisions of a treaty to apply to a country, the country must: - Answer have
ratified the treaty.
Which of the following are the THREE places a court may look to as a source of international
law? - Answer -International treaties
-International organizations
-International customs
If a treaty covers the issue in a case before the court: - Answer the court has a ready-made
source from which to draw its opinion.
International laws primarily differ from U.S. laws in which of the following respects? - Answer
-who is bound by the law
-who can interpret the law
-how the law is created
When a U.S. employer does business abroad, whose laws govern the business? - Answer
both U.S. law and the foreign nation's law
An agreement or contract between two or more countries that must be authorized and ratified
by the governments of each country is what type of international law? - Answer a treaty
A common law system differs from a civil law system in which of the following ways? - Answer
A common law system relies primarily on case law.
For an international arbitration to take place under the International Court of Arbitration, which
of the following must be true? - Answer -The parties must have a written agreement for
arbitration.
-The agreement to arbitration clause arises out of a commercial legal relationship.
International organizations, such as the United Nations, provide regulatory guidance to their
member nations through: - Answer the establishment of uniform rules and model
legislation.
Under the Foreign Sovereign Immunity Act (FSIA), if a foreign national is entitled to sovereign
immunity for an act committed on U.S. soil, the foreign national: - Answer is not subject to
the jurisdiction of U.S. courts.
, Under which of the following will one nation recognize and give effect to the laws and judicial
decrees of another nation? - Answer the principle of comity
What is the type of international law that evidences a practice developed over the course of a
relationship between nations that is accepted as law? - Answer an international custom
What is the name of the doctrine under which a nation's courts accept the validity of the
actions of a foreign nation that are committed by the foreign nation in its own territory? -
Answer the act of state doctrine
You play drums in a band that is very popular on your campus. In addition to playing other
groups' hit songs, your band plays music that you write. One of your songs has gone viral and
has over five million "likes" on Facebook. Your band copyrighted this song and is selling the
single via iTunes. You learn that someone in Spain is selling downloads of the song without your
permission. You want to stop the unauthorized sales. You are aware of the Berne Convention, an
international treaty that would require Spain to recognize your copyright and enable you to
enforce your rights in that country. You are thrilled that this treaty exists and you wonder how it
came into existence.
How are international agreements like the Berne Convention adopted? - Answer Treaties
must be approved by the supreme power of each nation. In the United States, approval by both
the president and the Senate is required. The treaty must pass in the Senate by a minimum vote
of two-thirds.
Frannie is a farmer who raises corn as his main cash crop. Recently, domestic corn sales in the
United States have hit an all-time low, and Frannie's business is really struggling. Most corn is
being imported from Mexico, and local farmers like Frannie cannot compete with the low prices.
Frannie and other farmers ask for governmental help with this problem. One way that the
government can address the problem and help American farmers is to: - Answer impose a
tariff on the sale of corn from Mexico.
Tyrone, a U.S. citizen, works for U.S. Oil at its production plant in Iraq. Tyrone has been with U.S.
Oil for fifteen years and has always received excellent evaluations. Tyrone applies for a
promotion with U.S. Oil to a supervisory role but is not hired for the position. The person hired
for the position has been with the company for only two years and is much younger than
Tyrone, who is forty-five. Can Tyrone sue U.S. Oil under the Age Discrimination in Employment
Act, even though he is not working within the United States? - Answer Yes, Tyrone can,
because employees working abroad for U.S. employers are protected under the Age
Discrimination in Employment Act.
Manny ships wheat from the United States to Japan. Wheat is also shipped to Japan from
Australia. Japan recently reduced its customs duties for wheat shipped from Australia. If Manny
demands a similar reduction for the wheat he ships to Japan: - Answer Japan must grant the
same reduced customs duties to the United States and all other World Trade Organization
members.
Correct Answers 2026 Updated.
Regulations created by international organizations: - Answer are not law unless adopted and
ratified by individual countries.
When an international organization creates model regulations, it does so with a(n): - Answer
world centric approach
The United Nations Security Council - Answer charged with maintaining international peace
and security
The World Intellectual Property Organization - Answer charged with protecting intellectual
property internationally
International Chamber of Commerce - Answer charged with facilitating international
business
A choice-of-law clause in an international contract will determine: - Answer which country's
law will apply in the event of a dispute.
Which of the following is true about the International Court of Justice? - Answer - It is also
known as The World Court.
-Only a country may initiate a case on behalf of individuals in this court.
- The jurisdiction of the court is limited to hearing cases from countries which agree to be
bound by its decision.
Just as with domestic affairs, international business sometimes results in a - Answer dispute
The International Court of Arbitration (ICA), run by the International Chamber of Commerce -
Answer hears many private international commercial disputes throughout the world
The International Court of Justice (ICJ) - Answer -settles international legal disputes and gives
advisory opinions to the United Nations and its agencies.
-rarely decides legal matters bc an individual or business may not bring a case before the court.
Only a state (country) may initiate a case on behalf of the individual.
,In order for the provisions of a treaty to apply to a country, the country must: - Answer have
ratified the treaty.
Which of the following are the THREE places a court may look to as a source of international
law? - Answer -International treaties
-International organizations
-International customs
If a treaty covers the issue in a case before the court: - Answer the court has a ready-made
source from which to draw its opinion.
International laws primarily differ from U.S. laws in which of the following respects? - Answer
-who is bound by the law
-who can interpret the law
-how the law is created
When a U.S. employer does business abroad, whose laws govern the business? - Answer
both U.S. law and the foreign nation's law
An agreement or contract between two or more countries that must be authorized and ratified
by the governments of each country is what type of international law? - Answer a treaty
A common law system differs from a civil law system in which of the following ways? - Answer
A common law system relies primarily on case law.
For an international arbitration to take place under the International Court of Arbitration, which
of the following must be true? - Answer -The parties must have a written agreement for
arbitration.
-The agreement to arbitration clause arises out of a commercial legal relationship.
International organizations, such as the United Nations, provide regulatory guidance to their
member nations through: - Answer the establishment of uniform rules and model
legislation.
Under the Foreign Sovereign Immunity Act (FSIA), if a foreign national is entitled to sovereign
immunity for an act committed on U.S. soil, the foreign national: - Answer is not subject to
the jurisdiction of U.S. courts.
, Under which of the following will one nation recognize and give effect to the laws and judicial
decrees of another nation? - Answer the principle of comity
What is the type of international law that evidences a practice developed over the course of a
relationship between nations that is accepted as law? - Answer an international custom
What is the name of the doctrine under which a nation's courts accept the validity of the
actions of a foreign nation that are committed by the foreign nation in its own territory? -
Answer the act of state doctrine
You play drums in a band that is very popular on your campus. In addition to playing other
groups' hit songs, your band plays music that you write. One of your songs has gone viral and
has over five million "likes" on Facebook. Your band copyrighted this song and is selling the
single via iTunes. You learn that someone in Spain is selling downloads of the song without your
permission. You want to stop the unauthorized sales. You are aware of the Berne Convention, an
international treaty that would require Spain to recognize your copyright and enable you to
enforce your rights in that country. You are thrilled that this treaty exists and you wonder how it
came into existence.
How are international agreements like the Berne Convention adopted? - Answer Treaties
must be approved by the supreme power of each nation. In the United States, approval by both
the president and the Senate is required. The treaty must pass in the Senate by a minimum vote
of two-thirds.
Frannie is a farmer who raises corn as his main cash crop. Recently, domestic corn sales in the
United States have hit an all-time low, and Frannie's business is really struggling. Most corn is
being imported from Mexico, and local farmers like Frannie cannot compete with the low prices.
Frannie and other farmers ask for governmental help with this problem. One way that the
government can address the problem and help American farmers is to: - Answer impose a
tariff on the sale of corn from Mexico.
Tyrone, a U.S. citizen, works for U.S. Oil at its production plant in Iraq. Tyrone has been with U.S.
Oil for fifteen years and has always received excellent evaluations. Tyrone applies for a
promotion with U.S. Oil to a supervisory role but is not hired for the position. The person hired
for the position has been with the company for only two years and is much younger than
Tyrone, who is forty-five. Can Tyrone sue U.S. Oil under the Age Discrimination in Employment
Act, even though he is not working within the United States? - Answer Yes, Tyrone can,
because employees working abroad for U.S. employers are protected under the Age
Discrimination in Employment Act.
Manny ships wheat from the United States to Japan. Wheat is also shipped to Japan from
Australia. Japan recently reduced its customs duties for wheat shipped from Australia. If Manny
demands a similar reduction for the wheat he ships to Japan: - Answer Japan must grant the
same reduced customs duties to the United States and all other World Trade Organization
members.
