Test Bank For International Business Law and Its Environment 8th Edition by Richard Schaffer

Test Bank For International Business Law and Its Environment 8th Edition by Richard Schaffer

CHAPTER 2—INTERNATIONAL LAW AND THE WORLD’S LEGAL SYSTEMS

TRUE/FALSE

1. The United States belongs to the Organization for Economic Cooperation and Development.

ANS: T PTS: 1

2. Pacta sunt servanda means that every treaty in force is binding upon the parties to it and must be performed by them in good faith.

ANS: T PTS: 1

3. Jus Cogens means preemptory norms of international law.

ANS: T PTS: 1

4. The Vienna Convention codified significant international statutory law.

ANS: F PTS: 1

5. According to the Statute of the International Court of Justice, the court shall look to conventions establishing rules expressly recognized by the contesting states.

ANS: T PTS: 1

6. The U.N. has recently sponsored a “supranational” set of laws that transcends national boundaries; most industrialized nations have adopted it.

ANS: F PTS: 1

7. One definition of international law is a rule accepted by the international community of states.

ANS: T PTS: 1

8. International business law draws from both public and private law as related to business transactions.

ANS: T PTS: 1

9. Laws applying to private parties in international transactions are called private international law.

ANS: T PTS: 1

10. The World Court is an agency of the U.S. Government used to settle international disputes.

ANS: F PTS: 1