The Uruguay Round Replaced General Agreement on Tariffs and Trade

question 30

Multiple Choice

The Uruguay Round replaced General Agreement on Tariffs and Trade (GATT) with _____.

• A)the European Union (EU)
• B)the World Trade Organization (WTO)
• C)the North American Free Trade Agreement (NAFTA)
• D)the International Monetary Fund (IMF)

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Definitions:

Fee Simple Ownership

A type of freehold ownership where the owner has the most complete ownership in the property, including the land and any structures on it, subject to government regulations.

Joint Tenants

Joint tenants are co-owners of property under a legal arrangement where each owns an undivided interest, and upon death, the interest automatically transfers to the surviving joint tenant(s).

Survivorship

Survivorship is a legal principle referring to the right of a surviving joint owner to inherit a shared property in its entirety upon the death of the other joint owner(s).

Escheat

The reversion of land to the Crown when a person possessed of the fee dies intestate and without heirs.