BA 325 CH25

International Law

a body of law (formed as a result of international customs, treaties, and organizations) that governs relations among/between nations

Treaty

a formal international agreement negotiated between two or among several nations

Normal Trade Relations (NTR) Status

a legal trade status granted to member countries of the World Trade Organization

National Law

law of a particular nation

Sovereign Immunity

A doctrine that immunizes foreign nations from the jurisdiction of U.S. courts when certain conditions are satisfied.

Space Law

Law consisting of the international and national laws that govern activities in outer space

Quota

a set limit on the amount of goods that can be imported

Choice-of-Law Clause

clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract

Distribution Agreement

contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship

Expropriation

government seizure of a privately owned business or personal property with proper public purpose and with just compensation

Confiscation

government's taking of a privately owned business or personal property WITHOUT a proper public purpose or an award of just compensation

International Organization

org of member nations and usually established by treaty (Ex: UN). More broadly include Nongovernmental Organizations (NGOs) like Red Cross

Comity

principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. Based on respect

What are some reasons why countries restrict exports?

protect national security, further foreign policy objectives, and to conserve resources/ raise their prices

Act of State Doctrine

provides that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within the latter's own territory

Forum-Selection Clause

provision in a contract designating the court, jurisdiction, or tribunal that will decide any disputes arising under the contract

Tariff

tax on imported goods

Dumping

the sale of goods in a foreign country at a price below the price charged for the same goods in the domestic market