Explain the concept of "direct effect" in the context of GATT
What will be an ideal response?
Some of the provisions of GATT 1994 are directly effective. That is, they may be relied upon by private persons (including both natural and juridical persons) to challenge the actions of a member state. In particular, those provisions that prohibit a state from taking action contrary to the General Agreement are directly effective. Those that require a contracting state to take some positive action may only be challenged by individuals if the state adopts implementing legislation authorizing such a challenge.
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In the course of an examination of the financial statements of Control Finance Company the auditors learned that the company has just taken possession of certain heavy industrial equipment from Arrow Manufacturing Company, a debtor in default. Arrow had previously borrowed $60,000 from Control secured by a security interest in the heavy industrial equipment. The amount of the loan outstanding is $30,000. Which of the following is correct regarding the rights of Control and Arrow?
A. Control is not permitted to sell the repossessed equipment at a private sale. B. Arrow has no right to redeem the collateral at any time once possession has been taken. C. Control is not entitled to retain the collateral it has repossessed in satisfaction of the debt even though it has given written notice to the debtor and he consents. D. Arrow is not entitled to a compulsory disposition of the collateral.
The advantage to the service organization of having membership relationships is that it knows who its future customers are and, usually, what they think of the services offered
Indicate whether the statement is true or false