Card Set Information
Chapter International Law
Business Law and the Legal Environment, 5th Edition
A tax imposed on a good when they enter a country.
Before imposing a tariff, the Customs Service decides the precise nature of imported merchandise.
Custom officials impose duties "according to the value of the goods."
Selling merchandise at one price in the domestic market and at a cheaper, unfair price in an international market.
Alimit on the quantity of a particular good that may enter a nation.
A prohibition of certain goods.
(GATT) THE GENERAL AGREEMENT ON TARIFFS & TRADE
Elimates trade barriers, lower tariffs, 125 nations, nations must signatory and be ratified.
A nation that signs a treaty.
A vote by a nation's legislature to honor a treaty.
(WTO) WORLD WIDE TRADE
To stmiulate international commerce and resolve trade disputes.
(NAFTA) NORTH AMERICAN FREE TRADE AGREEMENT
A treaty eliminating almost all trade barriers, tariff and nontariff, between the US, Canada, & Mexico.
LETTER OF CREDIT
A commercial device used to gaurentee payment in international trade, usually between parties that have not previously worked together.
Make it illegal to destroy competition and capture an entire market.
The power of one nation to impose its laws in other cousntries. (Subsidiaries- foreign companies which they control)
Requires one court to reject a lawsuit that would more logically be resolved in other nation.
REPATRIATION OF PROFITS
When an investing company pulls its earnings out of a foreign country and takes them back home.
The government assumes ownership of a business or industry.
The government takes property owned by foreign investors. Must pay adequate compensation.
The government takes property without fair payment.
(FSIA) FOREIGN SOVEREIGN IMMUNITIES ACT
States that American courts generally cannot entertain suits against foreign governments. Except w/ waiver, commercial activity, violation of international law.
(FCPA) FOREIGN CORRUPT PRACTICES ACT
Makes it illegal for an American businessperson to give "anything of value" to any foreign official in order to influence an official decision. (NO bribes, YES record keeping)
(CISG) CONTRACTS FOR THE INTERNATIONAL SALE OF GOODS
A sales agreement between an American company and a foreign company may be governed by the UCC, by the law of the foreign country, or by the CISG.