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NEW QUESTION: 1
You have received the requisite notification from a non-swapping counterparty that their USD correspondent is to be changed from Bank A to Bank B taking effect from value date 15 June 2012. On 14 June 2012, you buy JPY 50 million from your counterparty against USD for value spot. Whom do you pay the USD?
A. bank A
B. both bank A and bank B
C. bank B
D. neither bank A nor bank B
Answer: C

NEW QUESTION: 2
X was employed by Bee Ltd as its senior design consultant. X contracted with Bee Ltd that, when his employment with the company ceased, he would not act in competition with it or solicit its customers.
After X left Bee Ltd, he registered a company called Cee Ltd which immediately began working in competition with Bee Ltd and soliciting its customers. Bee Ltd complained to X about this conduct, but X stated that, as the work was being undertaken by Cee Ltd, a separate legal entity, X had not acted in breach of the agreement with Bee Ltd.
Which of the following statements is correct?
A. X is correct and cannot be said to be in breach of the agreement with Bee Ltd.
B. The agreement between Bee Ltd and X is of no legal effect, as it attempts to regulate X's activities after he has left Bee Ltd's employment.
C. If the court finds that Cee Ltd was set up by X to avoid the agreement with Bee Ltd, it will "lift the corporate veil" and enforce X's contract with Bee Ltd against X and Cee Ltd.
D. Cee Ltd will be bound by the agreement because a company is always liable for the actions of its shareholders.
Answer: C