LEGL 4900 Test 1 Samples
Public International law - correct answer-sphere of public obligations. Things like united
nations and treaties that deal with code and war time and peace time. etc
Private international law - correct answer-obligations of private parties across borders
Sovereignty - correct answer-Right of a country or state to self govern
Of the following countries, which would not have a problem with sovereignty?
A. Cuba
B. Liberia
C. United States
D. Pakistan - correct answer-C. United States. This is because the US has a lot of power. It
has been a long time since the US has had an issue with sovereignty. The countries that do
need to worry about sovereignty are countries that are poor, small, or relatively new.
(because they are influenced by large, powerful countries)
Explain the following quote:
"....Almost all nations observe almost all principles of international law and almost all of their
obligations almost all the time." -Louis Henkin - correct answer-many countries really do
observe international laws, but most nations actually observe international law in obligations.
What is missing in international law? - correct answer-No universal legal code among all the
countries.
Which sovereign would be unwilling and hard to enforce rules against?
A. United States
B. Canada
C. United Kingdom
D. Syria - correct answer-D. Syria
What type of risk is the following situation?
China loans money to the US and is concerned about the US's ability to pay back the loan. -
correct answer-Credit Risk- how likely a country is to pay back. Example: if you're loaning
money to a sovereign what is their likeliness to default.
What type of risk is the following situation?
We are creature comforts and buy aluminum cans to be delivered on a certain day and
certain quality. We depend on the other company to deliver them to be able to do our
business. - correct answer-Legal risk- In a business deal, legal risk is the risk that the other
party does not perform in part of the deal. Legal risk can be domestic and international.
repatriation - correct answer-bringing capital back to your home country from another
country in which you have invested. There are some countries that want to be in control of
how much currency leaves their borders. (because countries are worried about
, hyperinflation). This is something we don't think a lot about in the US because don't need to
worry about hyperinflation.
Currency restrictions - correct answer-conversion of currency has to do with currency risk.
We also might see restrictions on repatriation.
Rule of Law - correct answer-law is applied equally to everyone in a fair and efficient way
How does a country make sure to uphold the Rule of Law? - correct answer-Country needs
decent lawyers, stable legal system, good judges that are impartial and cannot be bribed,
enough enforceability to make what our judiciary say to be effective.
How is US Rule of Law compared to other countries? - correct answer-US Rule of Law is
pretty good compared to other countries. US has luxury of taking this for granted.
Explain how the world bank works - correct answer-World bank is multi lateral lender to
countries. It makes loans with development aims. World is better when growth is spread
throughout world. It lends money to countries at very reasonable rate of interest. It has a
ranking for how easy countries are to do business with.
What needs to be a prerequisite for complicated business transactions? - correct
answer-Rule of Law
Treaty Law - correct answer-the body of treaties that states have entered into. Some treaties
have 2 parties and some have many.
Customary Law - correct answer-what states do over time and the belief that these actual
practices are like a law. Dominant source of international law in past, but treaty law has
replaced customary law
State Practice - correct answer-actual conduct of states
Opinio Juris - correct answer-belief that conduct is actually required. Necessary to establish
a legally binding custom.
Jus Cogens - correct answer-certain principles are beyond derogation (ex: genocide is
illegal)
What are the two components of civil law? - correct answer-1) Comprehensive codes
2) Systematic Rules
What are the three components of common law? - correct answer-1) Case analysis
2) Lawyer/ Jury play key roles
3) Great deal of freedom of contract
What are the three predominant barriers to global trade? - correct answer-1)tariffs
2) import restrictions
3) export controls
Public International law - correct answer-sphere of public obligations. Things like united
nations and treaties that deal with code and war time and peace time. etc
Private international law - correct answer-obligations of private parties across borders
Sovereignty - correct answer-Right of a country or state to self govern
Of the following countries, which would not have a problem with sovereignty?
A. Cuba
B. Liberia
C. United States
D. Pakistan - correct answer-C. United States. This is because the US has a lot of power. It
has been a long time since the US has had an issue with sovereignty. The countries that do
need to worry about sovereignty are countries that are poor, small, or relatively new.
(because they are influenced by large, powerful countries)
Explain the following quote:
"....Almost all nations observe almost all principles of international law and almost all of their
obligations almost all the time." -Louis Henkin - correct answer-many countries really do
observe international laws, but most nations actually observe international law in obligations.
What is missing in international law? - correct answer-No universal legal code among all the
countries.
Which sovereign would be unwilling and hard to enforce rules against?
A. United States
B. Canada
C. United Kingdom
D. Syria - correct answer-D. Syria
What type of risk is the following situation?
China loans money to the US and is concerned about the US's ability to pay back the loan. -
correct answer-Credit Risk- how likely a country is to pay back. Example: if you're loaning
money to a sovereign what is their likeliness to default.
What type of risk is the following situation?
We are creature comforts and buy aluminum cans to be delivered on a certain day and
certain quality. We depend on the other company to deliver them to be able to do our
business. - correct answer-Legal risk- In a business deal, legal risk is the risk that the other
party does not perform in part of the deal. Legal risk can be domestic and international.
repatriation - correct answer-bringing capital back to your home country from another
country in which you have invested. There are some countries that want to be in control of
how much currency leaves their borders. (because countries are worried about
, hyperinflation). This is something we don't think a lot about in the US because don't need to
worry about hyperinflation.
Currency restrictions - correct answer-conversion of currency has to do with currency risk.
We also might see restrictions on repatriation.
Rule of Law - correct answer-law is applied equally to everyone in a fair and efficient way
How does a country make sure to uphold the Rule of Law? - correct answer-Country needs
decent lawyers, stable legal system, good judges that are impartial and cannot be bribed,
enough enforceability to make what our judiciary say to be effective.
How is US Rule of Law compared to other countries? - correct answer-US Rule of Law is
pretty good compared to other countries. US has luxury of taking this for granted.
Explain how the world bank works - correct answer-World bank is multi lateral lender to
countries. It makes loans with development aims. World is better when growth is spread
throughout world. It lends money to countries at very reasonable rate of interest. It has a
ranking for how easy countries are to do business with.
What needs to be a prerequisite for complicated business transactions? - correct
answer-Rule of Law
Treaty Law - correct answer-the body of treaties that states have entered into. Some treaties
have 2 parties and some have many.
Customary Law - correct answer-what states do over time and the belief that these actual
practices are like a law. Dominant source of international law in past, but treaty law has
replaced customary law
State Practice - correct answer-actual conduct of states
Opinio Juris - correct answer-belief that conduct is actually required. Necessary to establish
a legally binding custom.
Jus Cogens - correct answer-certain principles are beyond derogation (ex: genocide is
illegal)
What are the two components of civil law? - correct answer-1) Comprehensive codes
2) Systematic Rules
What are the three components of common law? - correct answer-1) Case analysis
2) Lawyer/ Jury play key roles
3) Great deal of freedom of contract
What are the three predominant barriers to global trade? - correct answer-1)tariffs
2) import restrictions
3) export controls
