The Best Means of Establishing the Proper Law for an International

question 14

Multiple Choice

The best means of establishing the proper law for an international contract is

• A)to accept the same country where the contract would be submitted for arbitration.
• B)for the parties themselves to make express provision.
• C)for the parties to leave it by default to the country of signing.
• D)for the parties to leave it up to the rules of the court of jurisdiction.
• E)for the parties to make it subject to a "neutral" law.

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Definitions:

Marginal Product

The additional output that results from using one more unit of a particular input, holding all other inputs constant.

Wage

The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee, especially to manual or unskilled workers.

Diminishing Returns

A principle stating that adding an additional factor of production results in smaller increases in output.

Marginal Product

The additional output resulting from the use of one more unit of a factor of production.