I Bus 300- chapter 2

World Intellectual Property Organization

An international organization whose members sign treaties to agree to protect intellectual property

As a judge in France, Maurice is not allowed to interpret the law but relies on a strict set of codes to determine the outcome of a case. Which type of law is in place in France?

Civil law system

TimeForce, a U.S.-based company, is planning to expand operations to a foreign country. Considering the factors that make a country attractive as a place in which to do business, which country should TimeForce consider for entry?

Country D, which has democratic institutions and a market-based economic system

Patent

Grants the inventor of a new product or process exclusive rights to the manufacture, use, or sale of that invention.

Paris Convention for the Protection of Industrial Property

International agreement to protect intellectual property. China and Thailand have been worst offenders in Asia.

Intellectual Property

Products of the mind (software, screenplay, chemical formula), ideas, intellectual property can be protected by patents, copyrights and trademarks

The United Nations Convention on Contracts for the International Sale of Goods (CISG) was introduced to

Resolve disputes that arise in international trade regarding which country's laws to apply

Foreign Corrupt Practices Act (FCPA)

U.S. law regulating behavior regarding the conduct of international business in the taking of bribes and other unethical actions- requires all publicly traded companies to keep records of violations

Private Action

Violation of property rights through theft, piracy, blackmail, and the like by private individuals or groups.

command economy

allocation of resources including determination of what goods and services should be produced, and in what quantity, is planned by the government

Trademarks

are designs and names, officially registered, by which merchants or manufacturers designate and differentiate their products

communists

believe that socialism can be achieved only through revolution and totalitarian rule

property rights

bundle of legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource

An individual's right to do something may be restricted on the grounds that it runs counter to "the good of society" when the political system emphasizes

collectivism

Members of the legal profession would refer to tradition, precedent, and custom in a(n) ________ law system.

common

contract

document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved.

market economy

economic system in which interaction of supply and demand determines the quantity in which goods and services are produced.

United Nations Convention on Contracts for the International Sale of Goods (CISG)

establishes a uniform set of rules governing certain aspects of the making and performance of everyday commercial contracts between sellers and buyers who have their places of business in different nations.

Copyrights

exclusive legal rights of authors, composers, play writes, artists, and publishers

A country that has lax intellectual property laws will find that

firms will be reluctant to enter into such a country.

In a pure command economy, the prices at which goods and services are sold are planned by the

government.

product liability

holding a firm and its officers responsible when product causes injury, death, or damage.

When Aristotle said that private property is more highly productive than communal property, he was advocating for

individualism

Totalitarianism

one person or political party exercises absolute control over all spheres of human life and opposing political parties are prohibited

HealthWise Corporation has developed a new diet supplement to assist with weight loss. Which type of legal protection grants HealthWise Corporation exclusive rights for a defined period to the manufacture, use, or sale of this new diet supplement?

patent

Right-Wing Totalitarianism

political power is monopolized by a party, group, or individual that generally permits individual economic freedom but restricts individual political freedom, often on the grounds that it would lead to the rise of communism.

Marietta told the management team that the company would have to find a new way to produce the vitamin because the Food and Drug Administration had recently banned "nofon," the key ingredient in their product. The standard set by the FDA is a type of

product safety law

Privatization

sale of state-owned enterprises to private investors

Public Action

the extortion of income or resources of property holders by public officials, such as politicians and government bureaucrats

political economy

the political, economic, and legal systems of a country are interdependent

AllSpice Incorporated plans to do business with a company located in the Leone Republic, a common law country. The companies have agreed to draft the business contract in the Leone Republic. Since the contract will be drafted under a common law framework, what best characterizes the contract?

very detailed with all contingencies spelled out