LW -Mock-1 (2024)

Under the UN Convention on Contracts for the International Sale of Goods, if the contract does not specify the place of payment, at which of the following places should payment be made?

• At the place where the contract was concluded

• At the buyer's place of business

• At the place where the documents are handed over

On dissolution of a partnership, are each of the following liabilities payable before the partners' capital is returned to them?

    1. Debts owed to suppliers

1. 2.Loans made by individual partners to the firm beyond their capital contribution

• 1.Yes
  2.Yes

• 1.NO
  2.Yes

Which TWO of the following are roles that bills of lading perform when goods are transported overseas?

• To provide evidence of the contract of carriage

• To provide evidence of title to the goods being transported

• То provide evidence that the goods arrived at their intended destination

• To provide evidence that the goods have been received by the buyer

Nasir, a trader in nuts and bolts, sent a price list to 1,000 potential customers Freya responded by ordering 3,000 items, together with her full payment. However, Nasir cannot supply the items for the time being.

Which of the following statements is correct under the UN Convention on Contracts for the International Sale of Goods?

• Freya has made Nasir an offer

• Alegally binding contract has come into effect

• Nasir made Freya an offer

Indicate whether each of the following statements regarding separation of powers, are true or false.

1.The UK parliament has unlimited law-making powers

2.The executive makes the law

• 1.True
  2. False

• 1. 1.False
     2.True

• 1.False
  2.False

• 1.True
  2. True

What percentage of shareholding must be held by members of a company requisitioning a general meeting?

• 5%

• 10%

• 15%

Which type of letter of credit may only be amended or cancelled if all the parties agree?

• Irrevocable letters of credit

• Standby letters of credit

• Revocable letters of credit

Which of the following is an advantage of court-based adjudication over alternative dispute resolution?

• Certain remedies can only be awarded by a court

• Court hearings are held in private

• Court hearings are heard by an expert in the field that the dispute concerns

   

If a seller fails to fulfil an order due to the actions of its own supplier, which of the following outcomes will apply under the UN Convention on Contracts for the International Sale of Goods?

• The contract will be set aside if the reasons for the supplier's failure to deliver could not have been foreseen by any of the parties

• The seller will be in breach of contract, irrespective of circumstances applicable to the supplier

• The seller cannot be accountable under the contract, as the failure to fulfil the order has been caused by a third party.

Which of the following is within the powers of the International Court of Arbitration?

• Dealing with procedural obstacles relating to arbitration

• Taking a legally-binding decision on a dispute

• Dealing with any appeal on an arbitrator's decision