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ĐỀ SỐ 1 In settlement by deferred payment (thanh toán trả chậm) , the letter of credit is paid after delivery Right or wrong? A Completely right B Definitely wrong C It depends D The letter of credit is not payable until a number of day 2.Which of these counts as a defect? A Wrong design B Fair wear and tear C Misuse D Missing items (Note: If either party is prevented from, or delayed in, performing any duty under this contract by an event beyond his reasonable control, then this event shall be deemed force majeure) Shortage of supplies (background, the exporter cannot get the raw jute he need from the supplier because of a shipping delay) A Yes B Questionable C No 4.The majority of shipping documents presented to banks under documentary credit transaction are accepted on first presentation, Right or wrong A Completely right B Definitely wrong C Neither right nor wrong D It depends A warranty is aimed at: A Obtaining loans B Assurance of product performance C Credit purchase D Profit making 6.The Anglo-American contract is……… A Not the entire agreement B Traditionally the entire agreement C Sometimes the entire agreement D Rarely the entire agreement 7.In negotiating a letter of credit, the step in which the list of all required documentation is incorporated into the contract is…… A Specification (speccifying) ghi rõ B Incorporation C Compliance( submit) thực thi D Verification (check) rà soát In a contract under a Continental law, a recital…… A Is essential B Is important C Is not useful D Is useful 9.Minimum Coverage is the so-called Cargo Clause… p64 A A B B C C 10 How many timing problems are involved in Defects Liability Period? P134 A Three B Four C Two D Five 11 The main difference between Continent and Anglo –American contract law is the degree of… A Codification( luật) B Formation C Automation D Interpretation 12 What happens if the issuing bank finds a problem with the documents and refuses to send funds to the advising bank to cover payment? A The advising bank has to suffer that loss due to their carelessness in checking the shipping documents B The advising bank gets its money back from the exporter C The payments form the advising bank to the exporter are always made with recourse The exporter has to pay back the advising bank in such a case D It is the responsibility of the issuing bank of paying back the advising bank in suck in case 13 What can protect both the exporter and the importer in an export contract? A A well-designed set of specifications B An itemized set of specification C A plain set of specification D None of these 14 Which of the following is the objective aimed at by the exporter to minimize the risk of the goods being rejected of heavy defects liability claims? A Winning buyer’s goodwill B Keeping his promise C Negotiating detailed specifications D Making profit 15 Transfer of risk form the seller to the buyer (Incoterm 2000) CIP A When the goods are at the seller’s premises B When the goods are handed to the first carrier C When the goods across the ship’s rail D When the goods are on board 16 The name of …………… are normally the full, registered name of the company A The exporter B The buyer C Either the exporter or the importer D The parties 17 In a contract under a Continental law, a recital… A Is essential B Is not useful C Is not essential D Is important 18………… is opened-ended A Tailor-made B Floating C Open cover 19 The mechanism of a confirmed letter of credit works as follows: A Buyer instructs issuing bank to issue a letter of credit in favor of the seller B Buyer instructs issuing bank to instruct an advising bank to pay under a letter of credit in favor of the seller C Buyer instructs issuing bank to instruct a confirming bank to pay under a letter of credit in favor of the seller D Buyer instructs issuing bank to instruct any third bank to under letter of credit in favor of the seller 20.In CIF and CIP contracts, the exporter normally assigns the insurance agreement to…… A The buyer B The carrier C The issuing bank 21 In principle the buyer can reject delivered goods if they not conform to the contract This is called… A Implied warranty of suitability B Implied warranty of conformity C Implied warranty of merchantability D Implied warranty of fitness for intended purpose 22 A contract is not enforceable if… A It is signed within power B It has a legal purpose C It has an illegal purpose D It has no purpose 23 The Disclaimer of warranty means: A The seller is liable for the goods B The buyer is denied of some of his normal rights C The seller will make good any defect D Contract prices would be far higher 24 In negotiating a letter of credit, the step in which the exporter rigorously checks documentation and submits it to the bank is…… A Agreement B Verification C Specification D Compliance 25 Which of the following discrepancies is NOT the problem with the Letter of Credit? A The credit has expired B Document required by the credit are missing C The credit amount is exceeded D Insurance cover is expressed in a currency other than that of the credit 26.The two terminologies which mean the same thing are… A Guarantee and Warranty B Bond and Surety C Warranty and Defects Liability D Guarantee and Insurance 27 Normally, risks are transferred at the point of…… A Delivery B Payment C Arrival 28 War risk is not included in…… A A clause B B Clause C A,B,C clause 29 Negotiation of specification between the exporter and the importer can be ……… A An effortless process B A difficult process C Done by an intermediary D A simple process 30 Why the exporters offer a discount for early payment , for example a 1% discount of payment is made within 10 days of the date of invoice ? A Because the discount is so attractive to the buyers B Because the buyer can save on the invoice price C Because the exporter can substantially improve his cash flow D Because the exporter just want to get payment for delivery 31 The method of payment which is dangerous for the exporter is: A Cash on delivery B Accepting a personal check C Prepayment D Export credit insurance 32 AS for Ango-American ,the decision of judge is always : A Predictable B Forceable C Unpredictable D Estimated 33 If both parties perform their duties correctly, a contract is discharged by : A Default B Suspension C Performance D Breach 34 Dawson bought vanilla beans from Indonesia Dawson instructed an American bank to open a letter of credit One of required shipping documents was a certificate of quality issued “ by experts” The bank paid the exporter The beans, when they arrived, were rubbish The certificate of quality was signed, however, by only one “expert” Could the bank collect from Dawson the money it had paid to the exporter? A Definitely ,it could B Probably, it could C No, it could not D No question, it could 35.If the price is quoted FOB Singapore, who pays for the insurance and freight? A The exporter B The buyer C The forwarding agent D The confirm 36 The bill of lading issued by the carrier for combined transport is called: A Combined bill of lading B Combined bill C Combined transportation bill of lading D Combined transport bill of lading 37.In a contract the word “ whereas” means : A “only that” B “while” C “when” D “because” or “consider that” 38 Assuming shipment is by rail, what if a letter of credit demands the original bill of lading ? A It is possible demand B The original of the bill of lading for shipment by rail does not come into the possession of the buyer C Such a letter of credit is certain to cause delay in payment D The bank insists on strict compliance 40 Which is the most appropriate method of payment for the exporter in the following case ? Sale of a bale (roll) of cloth costing 200 USD to a nearly tailor’s shop with whom you have done business for 20 years A Confirmed letter of credit B Open account with no security C Open account with bank guarantee D Open account with export credit insurance 41 IF shipment is under Incoterms other than CIF or CIP ? A the buyer has to arrange the insurance cover by himself B The buyer may still ask the exporter to arrange some aspects of the insurance for him C The exporter has to arrange the insurance cover to the goods D The exporter pays for insurance till the port of discharge 42 The period during which the buyer can begin a legal action is legally called: A Notification B Rectification C Legal action period D Detect liability period 43 The delivery depends on A Date of execution B Effective date C Preconditions 44 The Vienna Sales Convention is also called: A the uniform Law of International Sale B the Uniform Law on the Formation of Contract for the international Sale of Goods C the UN Convention on Contract for the International Sale of Goods D the UN Convention on Contract for acceptance 45 How many originals and copies is the air waybill issued according to the standard of the International Air Transport Association-TATA? A Three originals and copies B originals and copies C 3Originals and copies D it depends on the requirements in the letter of credit 46 The parties to a contract are not always required to A Ignore B Apply C Refuse D Decline 47 A ban is issued on the export of jute products by newly elected government that has on been preparing legislation on this subject for years A Yes B Questionable C No 50 The bank that the buyer asked to open a letter of credit is call A an issuing bank B an advising bank C confirming bank D opening bank ĐỀ The decision of arbitrator is:… A Law- oriented B Business-oriented C Action-oriented D Reaction-oriented Under most laws, a buyer can make certain assumptions about goods These assumptions are called (by lawyers): A Express warranties B Negotiable warranties C Implied warranties D Implied guarantee If the force majeure event continues for too long, both parties have the right to A Continue the contract B Terminate the contract C Make late delivery If the price is quoted FCA, who pays for the freight? A The exporter B The carrier C The buyer D The forwarding agent When parties agree to end a contract, … occurs A Termination B Frustration C Rescission (từ bỏ) D Suspension In a contract, a formal definition is the best way of clarifying what exactly the two sides have … A Excused B Negotiated C Agreed D Solved In negotiating a letter of credit, the step in which the exporter checks the credit to see that required documentation is as agreed is … A Agreement B Incorporation C Verification D Compliance “A machine that consumes more fuel than specification” is an example of: A Latent defect B Patent defect C Inherent defect D Apparent defect When the bill of lading marked “freight prepaid” Who pays for the freight? A The buyer B The seller C The agent A Allow the buyer to repair at the exporter’s cost B Reduce the price C Return the goods and refund the price D Replace the defective items 13 “The buyer shall notify the Seller of defects without undue delay” This is the example of A Defects liability period B Notification period C Rectification period D Legal action period 14 The contract should regulate what happens if Incoterm 2000 and the terms of the contract conflict: Normally the prevailes A Incoterm B Contract C Incoterm and contract 15 A marine bill of lading can be negotiable document with which _ A The buyer can use it to resell the goods during shipment B The exporter can use it to resell the goods during shipment C The issuing bank can use it to resell the goods to another customer D The buyer can use it to negotiate a price with the negotiating bank 16 As soon as the exporter receives advice that the LC has been opened, what should he do? A He should check that it complies with the agreement he negotiated with the buyer B HE should check if there is any documents that he does not understand C He should check if there is any requirement that he does not agree to D He should check if there is any necessary amendment to the terms of the LC 17 With a well-designed set of specification, the seller can protect its and avoid costs A Reputation B Production C Resolution D Profitability 18 Unless otherwise agreed, the insurance is “minimum cover”- cargo clause _ A A B B C C 19 Why LCs are formally called “documentary credits”? A Because a LC is a binding agreement by a bank to pay a certain sum of money when the exporter presents the necessary documents to the bank B Because the LC is issued by an issuing bank at the request of the buyer C Because in a LC situation, documents are exchanged for money D Because the documents in a LC are proofs of trust 20 The answer to background question are written A Through the whereas-recital (giốngcâu 10) 21 A disclaimer of warranty often accompanies delivery of A A software B Hardware C Footwear D Chinaware 22 Continental Law copes with _ A Personal problems B International trade C National issues D Individual conflicts 23 In which situation should exporters use export credit insurance? A Long-term customers B Transactions represent a high proportion of their turnover C Buyers are willing to spend money on a payment guarantee D In a seller’s market 24 What would be the effect on the price of the goods traded if the buyer wants the goods sooner? A The price of the goods will go up B The price of the goods will go down C There is no chance in price D The price of the goods will go up extra costs involved due to extra working shift from the manufacturer 25 “The seller shall make good the defect or damage as soon as practicable and at his own cost” A Legal action period B Notification period C Rectification period D Defect liability period 26 Whereas-clauses A Are provisions B Are promises C Are conditions D Are not provisions, promises or conditions 27 The bank notifying the exporter that the LC has been opened is called A The issuing bank B The advising bank C The confirming bank D The opening bank 28 Which of the following is not the reason why the exporter prefers a longer expiry period of credit? A He wants to save bank charges B He wants enough time after delivery to present the documents C He wants to have enough time to correct any discrepancies that might be discovered by the bank D He wants to spare some time for any unexpected things preventing his presentation of documents on time 29 A contract requiring the exporter to send the contract goods by road from Kenya to Zambia with freight paid by the exporter A CFA Lusaka B CPT Lusaka C CFR Nairobi 30 The exporter should have no liability for the goods when they are _ A Beyond his control B In his control C Under his control 31 Which of the following examples is a patent defect? A Crushed or stained garments B The flooring shows signs of deterioration C High fuel consumption D Inadequately tightened nuts and bolts 32 Bill of lading is the most important document because it is a _ A Document of title B Document of negotiation C Document of freight 33 Which of the following is not considered to be special requirement in a sale/purchase contract? A Containers are required to be fumigated before shipment B Upgraded packing materials C Goods must be packed according to export standards D Health inspection for foodstuffs 34 If a dispute arises, the recital allows the court to discover the real meaning of A The contract B The term C The incoterm D The appendix 35 Why can a manufacturer sometimes accept a loss on an export deal? A He wants to win a regular customer B His factory may be short of work C He can get some export incentives from the Gov D All of the above 36 “ A machine that consumes more fuel than specification” is an example of A Latent defect B Patent defect C Inherent defect D Apparent defect 37 Continental law is based on a A Case law B Common law C Legal code D Legal system 38 Transfer of risk from the seller to the buyer: CIF A When the goods are at the seller’s premises B When the goods are handed to the 1st carrier C When the goods across the ship’s rail D When the goods are on board 39 Which of the following discrepancies is not the prob with the LC? A The shipment was short B The shipment was late C There is no endorsement if endorsement is necessary D The credit has expired 40 In a contract under a continental law, a recital _ A Is essential B Is not useful C Is not essential D Is important 41 Assuming shipment is by rail, what if a LC demands the original bill of lading? A It is a possible demand B The original of the BL for shipment by rail doesn’t come into possessions of the buyer C Such a LC is certain to cause delay in payment D The bank insists on strict compliance 42 _ is 2-sided procedures A Termination B Cancellation C Rescission D Suspension 43 A volcanic eruption buries the factory in ash (force majeure) A Yes B Questionable C No 44 If the force majeure event continues for too long, both parties have the right to a Continue the contract b Terminate the contract c Make late delivery 45 What if a LC calls for a complete set of original air waybills? A The exporter has to present the full set of original air waybills if he wants to get payment from the bank B The exporter cannot provide the complete set C This is obviously a mistake D Only the 2nd original of the air waybill goes to the consignee The bank, however, will follow the wording of the LC exactly and refuse an incomplete set waybills 46 Export credit insurance is very attractive, however, has certain limitations like A High premiums paid by the Ex B Long time waiting for compensation from the insurance company C Long time since the buyer fails to pay up to the time the insurance company compensates the Ex and the inability of covering 100% of the original invoice price D Refusal from the insurance company to quote premiums due to risky biz of the buyer’s non-creditworthiness 47 Anglo-American law brings the in the individual case A Justice B Uniformity C Consistency D Legacy 48 Another name for tender guarantee is _ A Revocation guarantee B Bid guarantee C Bond guarantee D Bid bond 49 Full set on board ocean Bills of lading to order shipper, blank endorsed In this clause shipper means A Exporter B Importer C Bank D A, B, C It depends on the situation 50 Full set on board ocean Bills of lading to order shipper, blank endorsed In this clause shipper means E Exporter F Importer G Bank H A, B, C It depends on the situation ĐỀ 30 Defects that come to light after buyer’s acceptance are called: A Patent defects B Latent defects C Coherent defects D Apparent defects A commercial invoice must be made out to: A The exporter B The shipper C Any party endorsing the bill of lading D The applicant of the letter of credit, normally to the buyer, unless otherwise stated in the credit Delivery of the goods under the most export contracts take place in a country of : D The importer E The exporter F The agent If the price is quoted EXW, who pays for freight? A The exporter B The buyer C The forwarding agent D The advising bank In settlement by acceptance, the kind of bill of exchange being sent together with other documents to the accepting bank is … A Sight draft B Short-term draft C Time draft D Long-term draft A inspection by the buyer is called: A Independent inspection B Inspection of goods prior to shipment C Open package inspection D Customs inspection In settlement by deferred payment, if the seller needs money immediately, what can he do? A There is no way he can get money immediately B He can exchange the letter of credit for cash with any agreeable bank C The seller can realize some part of the letter of credit’s value, not full value D Payment is still safe but is delayed A ban is issued on the export of jute products by newly elected government that has been preparing legislation on this subject of five years (Note: If either party is prevented from, or delayed in performing any duty under this Contract by an event beyond his reasonable control, then this event shall be deemed force majeure) A Yes B Questionable C No The force majeure clause suggested by the International Chamber of Commerce, for example, states that payment of interest on overdue sums payable to the seller is … by… A Excused/ force majeure B Not excused/ force majeure C Excused/ Acts of God D Excused/ contingencies 10 If the shipment is under Incoterm other than CIF or CIP,… A The buyer has to arrange the Insurance cover by himself B The buyer may still ask the exporter to arrange some aspects of insurance for him C The exporter has to arrange the Insurance cover for the goods D The exporter pays for insurance till the port of discharge 11 The bill of lading is issued by the carrier for combined transport is called A Combined bill of lading B Combined bill C Combined transportation bill of lading D Combined transport bill of lading 12 Which the following is NOT the reason why the exporter prefers a longer expiry period of credit? A He wants to save bank charges B He wants enough time after delivery to present the document C He wants to have enough time to correct any discrepancies that might be discovered by the bank D He wants to spare some times for any unexpected things preventing his presentation of documents on time 13 In drafting an arbitration clause, the following question must be resolved: A How many arbitrators sit in the court? B What is the language of court? C Where is the place of court? D All of above 14 Which type bill of lading is negotiable? A Surrender B Straight C To order 15 Export credit insurance is very attractive; however, it has certain limitations like … E High premium paid by the exporter F Long time waiting for compensation from the insurance company G Long time since the buyer fails to pay up to the time the insurance company compensates the exporter and the inability of covering 100% of the original invoice price H Refusal from the insurance company to quote premiums due to risky business or the buyer’s non- creditworthiness 16 In settlement by sight payment,… A The sellers present the necessary documents to the issuing bank B The sellers present the necessary documents to the advising bank C The sellers presents the necessary documents to the paying bank D The sellers presents the necessary documents to the reconfirming bank 17 A machine that consumes more fuel than specification is example of: A Latent defect B Patent defect C Coherent defect D Apparent defect 18 In a disputes arise, the recital allows the court to discover the real meaning of… A The contract B The term C The incoterm D The appendix 19 Transfer of risk from the seller to the buyer (Incoterm 2000) : CIP A When the goods are at the seller’s premises B When the goods are handed to the first carrier C When the goods across the ship’s rail D When the goods are on board 20 Is there any “reconfirming bank” ? A No, there isn’t B Yes There is one in case banks are reluctant to confirm letter of credit, especially those from obscure banks C Never is there D It depends 21 The Disclaimer of warranty means: A The seller is liable for goods B The buyer is denied of some of his normal rights C The seller will make good any defect D Contract price would be far higher 22 The incoterm … Contains 11 items A 1990 B 2000 C 2010 23 Where is the often place of expiry of the credit? A At the courters of the issuing bank B At the courters of the advising bank C At the courters of the confirming bank D At the courters of negotiating bank 24 Once the bank has indicated the discrepancies, what can the exporter do? A The exporter can provide the missing paperwork or correct errors B The exporter can ask the buyer to instruct the bank to change the terms of the letter of credit C The exporter can ask the bank to process the letter of credit with the discrepancies but to pay only when ( and if) the issuing bank permits payment D Any of the above 25 Beside the commercial invoice, he transport document and insurance document , what “Other documents” include? A A certificate of origin B A certificate of inspection C A health inspection D Any of the above 26 The answer for background questions are written: A Through the whereas-recital B Through the annex C Through provisions D Through conditions 27 Which of the following is essential to successful business? A Quality B Customer satisfaction C Correct making and packaging D On-time delivery 28 When the bill of lading marked “freight collected” Who pays for freight? I The buyer J The seller K The agent L It depends on the agreement 29 The “exporter’s wording” and the “Buyer’s wording” in the defect liability provision represent: A A major contract issue B A minor contract issue C Nonsense D Profit and loss of each party 30 The place of delivery is doubly important to the exporter because the date of… Normally depends on time and place of delivery A Insurance B Payment C Invoice 31 Within the four alternatives of the at-sight letter of credit, which of one is the least satisfactory for the exporter? A Settlement by sight payment B Settlement by deferred payment C Settlement by acceptance D Settlement by negotiation 32 Title of the goods passes …… A With risks B Without risks C With documents 33 Elderly people are …… to deal with a contract A Unable B Able C Impossible D Unaffordable 34 The word “cash” in international trade means… A Coins and notes B Gold C Checks and bank transfers D Prepayment 35 Continental law is based on a … A Case law B Common law C Legal code D Legal system 36 The background of contract is provided in the form of … A The clause B The definition C The annex D A whereas-recital 37 The hereinafter called wording can prevent legal problem cause by :…… A Misspelling names B Mistyping names C Misreading names D Misaccepting names 38 A bank guarantee which gives the exporter an acceptable level of security in term of payment shall be paid by… A The buyer B The exporter C A bank D A third party 39 “The Buyer shall notify the Seller of defects without undue delay” This is example of: A Defect liability period B Notification period C Rectification period D Legal action period 40 ………… happens when one party ends the contract because of breach by the other A Cancellation B Suspension C Impossibility D Termination 41 In principle, the buyer and reject delivered goods if they not conform to the contract This is called…… A Implied warranty of suitability B Implied warranty of conformity C Implied warranty of merchantability D Implied warranty of fitness for intended purpose 42 The goods become deteriorated as a result of normal use This process is called: A Fair play B Fair wear and tear C Faults not present on delivery D Farewell 43 The greatest fear for the exporter is : E Being unable to meet the delivery deadline F Being unable to meet the specification of the goods G Being unable to get paid for the goods sold H Having no guarantee for payment 44 Transfer of risks from the seller to the buyer ( Incoterm 2000) : CPT E When the goods are at seller’s premises F When the goods are handed to the first carrier G When the goods across the ship’s rail H When the goods are on board 45 Which of the following concepts is best used to avoid confusion when we mean an assurance that the exporter will make the goods defects in his goods? A Warranty B Guarantee C Defects liability D Warrantee 46 Why most exporters offer a discount for early payment, for example 1% discount if payment is made within 10 days of the date of invoice? A Because the discount is so attractive to the buyer B Because the buyer can save on the invoice price C Because the exporter can substantially improve his cash flow D Because the exporter just wants to get payment on delivery 47 The court of arbitration applies whatever ………… the parties stipulate in the contract A International law B Corporate law C National law D Business law 48 ………… is two-sided procedures A Termination B Cancellation C Rescission D Suspension 49 A contract that is ultra vires is………… A Well enforceable B Unenforceable C Valid D Effective 50 The name of parties to the contract are often on ……… of the contract A The first page B The second page C The last page D All pages ... exporter in Ethiopia to send the contract goods by air for delivery in Windhoek, Namibia A CIF Windhoek B CIP Windhoek C DEQ Windhoek 33 A contract is not enforceable if A It is signed within power... A B B C A,B,C The contract should regulate what happen if Incoterms 2000 and the terms of contract conflict normally the … prevails A Incoterm B Contract C Incoterm and contract If is possible... of the above A contract requiring an exporter in Ethiopia to send the contract goods by air for delivery in Windhoek, Namibia A CIF Windhoek B CIP Windhoek C DEQ Windhoek A contract requiring an