Questions: Multiple Choice Question What set of uniform rules established by the United Nations governs the formation of international sales contracts and explains the rights and obligations of the buyer and the seller? Foreign Contract Practices Act General Agreement on Tariffs and Trade Convention on the International Sale of Goods Sarbanes-Oxley Act

Multiple Choice Question What set of uniform rules established by the United Nations governs the formation of international sales contracts and explains the rights and obligations of the buyer and the seller? Foreign Contract Practices Act General Agreement on Tariffs and Trade Convention on the International Sale of Goods Sarbanes-Oxley Act
Transcript text: Multiple Choice Question What set of uniform rules established by the United Nations governs the formation of international sales contracts and explains the rights and obligations of the buyer and the seller? Foreign Contract Practices Act General Agreement on Tariffs and Trade Convention on the International Sale of Goods Sarbanes-Oxley Act
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Solution

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Answer

The answer is Convention on the International Sale of Goods

Explanation
Option 1: Foreign Contract Practices Act

This is not a recognized set of rules established by the United Nations for international sales contracts. It does not exist in this context.

Option 2: General Agreement on Tariffs and Trade

The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. It does not specifically govern the formation of international sales contracts.

Option 3: Convention on the International Sale of Goods

The United Nations Convention on Contracts for the International Sale of Goods (CISG) is a treaty that establishes a uniform framework for international commerce. It governs the formation of international sales contracts and explains the rights and obligations of the buyer and the seller.

Option 4: Sarbanes-Oxley Act

The Sarbanes-Oxley Act is a United States federal law that set new or expanded requirements for all U.S. public company boards, management, and public accounting firms. It does not pertain to international sales contracts.

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