For a Liability to Exist

question 46

Multiple Choice

For a liability to exist,

• A) the identity of the party owed must be known.
• B) the exact amount must be known.
• C) a past transaction or event must have occurred.
• D) an obligation to pay cash in the future must exist.

Recognize different types of business arrangements in international trade and commerce.

Understand the jurisdictional aspects of international law.

Recognize the application and impact of the Convention on Contracts for the International Sale of Goods (CISG) and the Uniform Commercial Code (UCC) on international sales contracts.

Understand the principles of international arbitration and dispute resolution.

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Definitions:

Cerebral Cortex

The outer layer of the cerebrum in the brain, involved in high-level functions such as thought, language, and consciousness.

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Scores derived from standardized tests designed to measure human intelligence and cognitive abilities.

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Any external element that can influence living organisms, including weather, pollutants, and cultural conditions.

Intelligence

The ability to acquire and apply knowledge and skills, encompassing problem-solving, learning, and adaptation to new situations.