Final 2

joint venture

an agreement between two or more companies to share a business project

Agri Products Inc., a U.S. firm, signs a contract with Bao Ltd., a Chinese firm, to distribute Agri's products in China. The most likely reason for this deal is

china represents a substantial market for Agri

space law

consists of the international and national laws that govern activities in outer space.

comity

courtesy; civility basically refers to legal reciprocity

Antidumping Policies

designed to punish foreign firms that engage in dumping and thus protect domestic producers from unfair foreign competition

wholly owed subsidiary

establish an wholly owned firm in a foreign country

soverign immunity

exempts foreign nations from the jurisdiction of the U.S courts.

under the act of state doctrine, a US court can rule on the validity of a foreign, government's act within its own territory.

false

under the principle of comity, a domestic court will not examine the validity of any act committed by a foreign government within the court's jurisdiction.

false

import

goods brought into a country

sufficient business develops in France for graphic comics inc. US firm, to appoint comics grapque LTD. a french firm, to act as the US firms marketing representatives in France. this is

indirect exporting

a bilateral agrement

is an agreement formed by two nation to given their comitial exchanges or other relations wit one another.

multilateral agreement

is formed by several nations

antitrust laws

laws aimed at eliminating collusion and promoting competition among firms

Quotas

laws that place maximum limits on the number goods

fiscal corporation, a US files a suit against ghana in US court. under the Foreign Sovereign immunities act, ghana is immune from the jurisdiction of the court if ganna has.

none of the choices.

indirect exporting

practice by which a company sells its products to intermediaries who then resell to buyers in a target market

confiscation

seizure of property by authority

Islamic league system

the law is often influenced by sharia the religious law of Islam

Who has the power to make treaties with foreign countries?

the president with 2/3s of the senators concur

sugar company, a US firm, owns property in Trinidad and Tobago, when the foreign government seizes the property, the company asks a US court in order for the proper's return. the court's jurisdiction. this is an application.

the principle of comity

global project from a US firm property in hong kong. the government in china seizes the property. the firm claims that this is confiscation. Does the government claim that is expropriation the difference is?

the purpose of the seizure and the payment of compensation.

adopt a resolution

to accept a resolution

sovereign nations agree to be governed by international law to facilitate trade, commerce, and civilized discourse.

true

direct exporting

when a firm sells its domestically produced products in a foreign country without intermediaries

distribution agreement

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

Expropriation

Forced transfer of assets from a company to the government with compensation

normal trade relations

Trade status granted as part of an international trade policy that gives a nation the same favorable trade concessions and tariffs that the best trading partners receive.

International law is formed as result of international customs, treaties, agreements, and organizations.

True

a US court will likely uphold contract created in the united kingdom because the UK laws are generally compatible with those of the united states.

True

the new York convention

Widely accepted treaty on the court enforcement of arbitral awards 1) it needs to be written 2) agreement proves for arbitration in a signatory nation 3) an agreement arises out of commercial relationship 4) one party is not a US citizen.

World Trade Organization (WTO)

a permanent global institution to promote international trade and to settle international trade disputes

international disputes

resolves the court of the nation

three sources of international law

-International Customs -Treaties and international agreements -International Organizations and Conferences

Treaties and International Agreements

-Treaties and other explicit agreements between or among foreign nations provide another important source of international law. -Includes a bilateral agreement and a multilateral agreement.

When a Foreign State Will Not Be Immune

1) when the foreign state waived its immunity either explicily or by implication 2)when the state has engaged in commercial activity within the united states or in commercial activity outside the united states that has a direct effect in the US. 3) when the foreign state has committed a tort In the united states for violating certain international laws. 4) has been designated " a state of the sponsor of terrorism"

Alien Tort Statute

A U.S. federal law first adopted in 1789 that gives the federal courts jurisdiction to hear lawsuits filed by non-U.S. citizens for torts committed in violation of international law

Franchising

A contractual agreement between a franchisor and a franchisee that allows the franchisee to operate a business using a name and format developed and supported by the franchisor.

Act of State Doctrine

A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.

treaty

A formal agreement between two or more sovereign states

export

A good or service produced in the home country and sold in another country.

Prohibition

A law forbidding the sale of alcoholic beverages

civil law system

A system of law based on a very detailed set of written laws and codes.

Common Law System

A system of law based on tradition, precedent, and custom. When law courts interpret common law, they do so with regard to these characteristics.

Tariff

A tax on imported goods

Airbud Corporation, a U.S. firm, signs a contract with Bueno Computadores Ltd., an Argentinean firm, for a shipment and payment for Airbud's goods. This is

Direct exporting

because exchanges of goods on a global level are routine, students of business law do not need to be familiar with laws pertaining to international business transitions.

False

international laws involving taxes, for example, do not become international laws until they are applied beyond a national boarders

False

Sherman Antitrust Act

First federal action against monopolies, it was signed into law by Harrison and was extensively used by Theodore Roosevelt for trust-busting. However, it was initially misused against labor unions

European Union

International organization comprised of Western European countries to promote free trade among members.

international customs

Practices that have evolved among nations in their relations with one another

International Organization

Refers to an organization composed mainly of officials of member nations and usually established by treaty

Dumping

Selling goods in another country below market prices

Create Uniform Rules

The United Nations Commission on International Trade Law created the 1980 Convention on Contracts for the International Sale of Goods (CISG). The CISG only governs sales contracts between trading partners in nations that have ratified it.

Lisencing

a contractual agreement in which one firm permits another to produce and market its product and use its brand name in return for a royalty or other compensation

Opti-Med Inc., a U.S. firm, signs a contract with Pharma Ltd., a Canadian firm, to give Pharma the right to sell Opti-Med's products in Canada. This is

a distribution agreement

consolidation corporation, a US firm that wishes to participate, but limits its involvement, in the middle eastern markets, Consolidation empowers Doha LTD, and an Egyptian firms, to enter into contracts in certain countries on behalf of consideration. This is

an agency relationship