Chapter 7 SmartBook Flashcards
True or false: The number of attorneys per capita can be used to gauge the importance of the legal system in a country.
T
______ law is based on the previous decisions of higher courts as applied to the same or similar circumstances.
Common
______ law is built around a comprehensive collection of written rules.
Code
Unlike common law, code law is ______.
considered complete as a result of catchall provisions found in most code-law system
Common Law = Ownership is determined by use
Code Law = Ownership is established by registration
Rank the following countries’ use of the legal system to settle commercial disputes, based on the number of attorneys per capita in each country. Place the country that relies most heavily on the legal system at the top.
- US
- UK
- Japan
- China
Shari’ah law mandates social and economic behavior based on the interpretation of the _______ .
Koran
Tradition and past rulings by the courts form the basis of _____
law.
Common
Which statement is true of Islamic law?
It addresses issues such as property rights and economic decision making.
Identify a feature of code law.
It is usually divided into three separate codes: commercial, civil, and criminal.
In Islamic law, profiting from excess interest or usury is known as
Riba
Unlike code law, common law ______.
is not all-inclusive
An investment in a ______ is prohibited under Islamic law.
casino
The most noticeable difference between common-law and code-law systems is found in the laws governing ______.
intellectual property
Which statement is true regarding Marxist–socialist tenets?
Law is subordinate to the state’s specific economic conditions.
Identify a feature of Islamic law.
Its dominant objective is social justice.
Which of the following statements is true?
It is difficult to settle commercial disputes between private citizens due to differing legal systems in each nation involved.
Identify the nucleus of the Islamic system of law.
Prohibition of the receipt and payment of interest
A nonbinding agreement to resolve disputes by way of a third party is known as _____ .
conciliation
Islamic law prohibits investment in businesses that deal with ______.
A. gambling
B. cost-plus sales
C. alcohol
D. poultry
A and C
Which statement about the arbitration procedure is true?
Most arbitration is conducted by formal arbitration groups dedicated to resolving commercial disputes.
Which of the following information is useful to include in an arbitration clause?
A. The place of arbitration
B. The language to be used during arbitration
C. The number of arbitrators
D. The term of the original contract
A, B and C
True or false: All socialist countries have the same pattern for the development of a commercial legal system.
F
Which of the following statements is true regarding the use of litigation to settle a international dispute?
The disputing parties face the likelihood of unfair treatment in a foreign court.
Which of the following statements is true?
There is no judicial body to address commercial disputes between citizens of different countries.
Identify a problem related to the protection of intellectual property.
Counterfeiting
In the context of international dispute resolution, conciliation is also known as ______.
mediation
Identify a wrong assumption made by multinational companies.
The rightful ownership of property can be easily established because their company has established rights in the United States.
The use of an independent third party to render a judgment that both disputing parties agree to honor is known as the ______
procedure.
Arbitration
A country considers an individual to be the rightful owner of intellectual property if he or she can prove that he or she was the first person to use it. This country is most likely a ______ country.
common-law