Reference no: EM131411451

1. Which of the following statements is true of the common law system?

1. Unlike the civil law system, juries are not used in the common law system.

2. In the common law system, the judge is responsible for gathering any evidence.

3. In the common law system, judges have opportunities to make law through their decisions.

4. Unlike the civil law system, judges are trained and tested rather than being appointed or elected.

2. Which of the following statements is true of civil law systems?

1. The judicial branch can create its own law.

2. The legislative branch has ultimate authority.

3. Precedent is the most important official source of civil law.

4. Juries are used as fact finders.

3. Which of the following is a similarity between the Uniform Commercial Code (UCC) and Convention on the International Sale of Goods (CISG)?

1. Both ask for notice of nonconforming goods.

2. Both require that contracts for the sale of goods in excess of $500 be in writing.

3. Both recognize express warranties and implied warranties of merchantability.

4. Both require that all the parties to a sales transaction be residents of the United States.

4. The arrangement between the United States, Canada, and Mexico to reduce and gradually eliminate tariffs and other trade barriers is an example of a(n) _____.

1. multilateral free trade agreement

2. labor union

3. customs union

4. equity alliance

5. A multimillion-dollar U.S. project to construct a suspension bridge is in progress. True Structures Inc. in Canada shares both profits and

responsibilities for the project with Three Towers Inc., a firm based in the United States. This is an example of a:

1. franchise agreement.

2. horizontal acquisition.

3. licensing agreement.

4. joint venture.