Chp. 9 International Law

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  1. Ad Valorem
    According to the value of the goods.
  2. Act of State Doctrine
    A rule requiring American courts to abstain from cases if a court order would interfere with the ability of the President or Congress to conduct foreign policy.
  3. Antitrust Laws
    Make it illegal to destroy competition and capture an entire market.
  4. Bill of Lading
    A receipt for goods, given by a carrier such as a ship, that minutely describes the merchandise being shipped. A negotiable bill of lading may be transferred to other parties, and entitles any holder to collect the goods.
  5. Classification
    The process by which the Customs Service decides what label to attach to imported merchandise, and therefore what level of tariff to impose.
  6. Comity
    A doctrine that requires a court to abstain from hearing a case out of respect for another court that also has jurisdiction. International comity demands that an American court refuse to hear a case in which a foreign court shares jurisdiction if there is a conflict between the laws and if it is more logical for the foreign court to take the case.
  7. Confiscation
    Expropriation without adequate compensation of property owned by foreigners.
  8. Convention on Contracts for the International Sale of Goods (CISG)
    A United Nations sponsored agreement that creates a neutral body of law for sale of goods contracts between companies from different countries.
  9. Dumping
    Selling merchandise at one price in the domestic market and at a cheaper, unfair price in an international market.
  10. Duty
    A tax imposed on imported items.
  11. Export
    To transport goods or services out of a country.
  12. Expropriation
    A government’s seizure of property or companies owned by foreigners.
  13. Foreign Sovereign Immunity Act
    A federal statute that protects other nations from suit in courts of the United States, except under specified circumstances.
  14. General Agreement on Tariffs and Trade (GATT)
    A massive international treaty, negotiated in stages between the 1940s and 1994 and signed by over 130 nations.
  15. Goods
    Anything movable, except for money, securities, and certain legal rights.
  16. Import
    To transport goods or services into a country.
  17. Import Ban
    A prohibition of certain goods.
  18. International Comity
    Requires one court to reject a lawsuit that would more logically be resolved in another nation.
  19. Letter of Credit
    A commercial device used to guarantee payment in international trade, usually between parties that have not previously worked together.
  20. Multinational Enterprise
    A corporation that is doing business in more than one country simultaneously.
  21. Nationalization
    A government’s seizure of property or companies.
  22. North American Free Trade Agreement (NAFTA)
    A commercial association among Canada, the United States, and Mexico designed to eliminate almost all trade barriers.
  23. Quota
    A limit on the quantity of a particular good that may enter a nation.
  24. Ratification
    When someone accepts the benefit of an unauthorized transaction or fails to repudiate it once he has learned of it, he is then bound by it.
  25. Signatory
    A person, company, or nation that has signed a legal document, such as a contract, agreement, or treaty.
  26. Sovereign Immunity
    The right of a national government to be free of lawsuits brought in foreign courts.
  27. Tariff
    A duty imposed on imported goods by the government of the importing nation.
  28. Valuation
    A process by which the Customs Service determines the fair value of goods being imported, for purposes of imposing a duty.
  29. World Trade Organization (WTO)
    Created by GATT to stimulate international commerce and resolve trade disputes.
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Chp. 9 International Law
2012-01-16 18:06:31
Business Law Legal Environment Chp Vocab

Business Law and the Legal Environment, Standard Edition, 5th Ed. By: Jeffrey f. Beatty, susan S. Samuelson ISBN-10:0324663528
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