IB0017 –International Business Environment and International Law

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ASSIGNMENT

DRIVE WINETR	SPRING 2014
PROGRAM	MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDIB (SEM 2)
SUBJECT CODE & NAME	IB0017 –International Business Environment and International Law
SEMESTER	4
BK ID	B1414
CREDITS	4
MARKS	60

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

1 Explain PEST analysis. How is it used in international business?

Answer : The PEST analysis is a useful tool for understanding market growth or decline, and as such the position, potential and direction for a business. A PEST analysis is a business measurement tool. PEST is an acronym for Political, Economic, Social and Technological factors, which are used to assess the market for a business or organizational unit. The PEST analysis headings are a framework for reviewing a situation, and can also, like SWOT analysis, and Porter's Five Forces model, be used to review a strategy or position, direction of a

2 Explain the various incoterms involved in international contract.

Answer : International trade contracts and Incoterms

Different countries have different business cultures and languages. It's a good idea to make sure you have a clear written contract to minimise the risk of misunderstandings.

The contract should set out where the goods are being delivered. It should cover who is responsible for every stage of the journey, including customs clearance, and what insurance is required. It should also make it clear who pays for each different cost.

3 Discuss the general principles of the Law of Contract. What is an agreement?

Answer : Contract: An agreement between two or more parties to perform or to refrain from some act now or in the future. A legally enforceable agreement.

Requisites for Contract Formation (Elements)

•     Agreement: One party must offer to enter into an agreement, and the other party must accept the terms of the offer

•     Consideration: Something of value received or promised, to convince a party to agree to the deal;

•     Contractual Capacity/

4 Write short notes on:

a) Letter of credit

Answer : A letter of credit is a promise to pay. Banks issue letters of credit as a way to ensure sellers (and sometimes even buyers) that they will get paid as long as they do what they've agreed to do.

Letters of credit are common in international trade, but they are also used in domestic transactions. Either way, a bank acts as an uninterested party between buyer and seller and guarantees that a payment will be made if certain conditions are met.

The concept of a letter of credit can be

b) Export financing

Answer : Export finance refers to financial assistance extended by banks and other financial institutions to businesses for the shipping of products outside a country or region. Export financing enables MSMEs to expand its reach to a global audience.

An exporter should first gain understanding of some documents commonly required by export finance institutions. These documents are mandatory requirements for most types of export finance assistance.

5 Discuss the rights of an unpaid seller. What are the remedies available to the buyer against seller for breach of contract?

Answer : Broadly speaking, rights of an unpaid seller may be divided under two heads:

1. Right against the goods.

2. Right against the buyer personally.

I. Rights of unpaid seller against the goods

(a) When property in the goods has passed :

1. Right of Lien (Sees. 47 to 49):

6 What are the modes of settlement of disputes in international business? Discuss.

Answer : Chapter VI of the UN Charter lists the following methods of peaceful settlement of disputes: negotiation, enquiry, mediation, conciliation, arbitration, judicial settlement, resort to regional agencies or arrangements, or other peaceful means of their own choice.

Litigation and arbitration are both considered to be judicial as opposed to political means of settlement because their results are both legally binding. The terms of arbitration are agreed on in advance either through an ad hoc agreement or a

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