International Business exam

Question 1

-Universally recognized as the legal mechanism for conducting trade in goods.

-It embodies the agreement of the parties, the buyer and seller.

-It allows buyers and sellers to agree on all essential terms of the contract understand their prevailing rights and obligations.

Answer 1

Sales Contract

Question 2

An important factor to keep in mind is to determine the influence of culture upon contract negotiations.

Answer 2

Cultural Influences on Contract Negotations

Question 3

Ideally, Japan represents best example for establishing contracts.
Japanese culture includes:
(a) Maintaining harmony in the society.
(b) placing emphasis on equal opportunity
(c) social attachment
They further believe that contract is considered as a relationship.

Answer 3

Negotiating Contracts in Japan

Question 4

Generally it is a body of law that governs contracts for the present or future sale of goods.

Answer 4

The Law of Sales (Sales Law)

Question 5

means a transfer of the ownership and possession of tangible goods from seller to buyer in return for a price or monetary payment.

Answer 5

Sale