QUESTION 1 Which of the following is NOT a true statement about the CISG? It is

Question

QUESTION 1

Which of the following is NOT a true statement about the CISG?

It is an international treaty

It regulates international sales between two businesses

It applies to consumer transactions

The NAFTA nations have adopted the CISG

QUESTION 2

Lawsuits under the CISG can only be brought in federal court if the amount in controversy exceeds $75,000.

True

False

QUESTION 3

A standard choice of law clause is sufficient to opt out of the CISG. The choice of law clause does NOT need to mention the CISG.

True

False

QUESTION 4

Most manufacturers do NOT opt out of the CISG.

True

False

QUESTION 5

Parties can elect to opt out of CISG in its entirety, or parties can choose to opt out of only a few select CISG provisions.

True

False

It is an international treaty

It regulates international sales between two businesses

It applies to consumer transactions

The NAFTA nations have adopted the CISG

Explanation / Answer

Question 1

CISG stands for Convention on International sale of Goods. This is an international treaty under the ageis of United Nations with respect to international trade in movable goods.

It has been ratified by 88 countries including countries forming NAFTA trade bloc.

However, CISG does not applied to consumer transactions and applies only to business transactions.

Hence, the correct answer is the option (3).

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