Essentials of Business Law Chapter 35

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Drizzle
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276647
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Essentials of Business Law Chapter 35
Updated:
2014-06-11 16:05:54
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Business Law
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Chapter 35
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  1. International law
    The broad study of the legal systems of major countries, treaties, practices, tariffs and nontariff trade barriers, and import and export quotas.
  2. Comity
    A discretionary doctrine that holds that the courts of one country should refrain from deciding cases involving the acts of persons from another country.
  3. Transnational institutions
    Organizations whose purpose is to maintain legal and economic order in trade.
  4. General Agreement on Tariffs and Trade (GATT)
    An international agreement that provides a set of rules to ensure that there is no discrimination in trade by its signatories and also spells out a process for resolving international trade disputes.
  5. World Trade Organization (WTO)
    An organization with responsibility for overseeing the implementation of all multinational trade agreements negotiated now or in the future.
  6. International Monetary Fund (IMF)
    An organization whose purpose is to maintain a stable environment for the economics and the currencies of its members by providing  protection against large fluctuations in the value of one currency versus another.
  7. World Bank
    A popular name given to the International Bank for Reconstruction and Development, an organization that works closely with the International Monetary Fund to ensure that developing countries have access to funds to stimulate their economies.
  8. North American Free Trade Agreement (NAFTA)
    An economic agreement aimed at promoting and facilitating trade among the United States, Canada, and Mexico.
  9. European Union (EU)
    An entity that established a legal and political relationship among its members that promotes economic growth as well as social and cultural affiliations.
  10. Trade sanctions
    Legal restrictions, such as embargoes, placed on trade to achieve desired political results.
  11. Tariff
    A form of tax, or other restrictions, on imports or exports to attain economic results, such as protecting domestic industries or facilitating the production of certain crops.
  12. Quota systems
    Restrictions on the numbers and kinds of products that may enter into a nation.
  13. Boycott
    Citizens' refusal to purchase goods made by a particular business - for example, a business located in another country.
  14. Foreign Corrupt Practices Act (FCPA)
    A federal statute designed to provide executives of American companies with rules and restrictions relating to paying persons in foreign countries to expedite business in these foreign nations.
  15. Contracts for the International Sale of Goods (CISG)
    A treaty created to establish a universal set of legal procedures to be applied to contracts covering international transactions.
  16. Foreign Sovereign Immunities Act (FSIA)
    A federal law passed in 1976 that established certain exceptions to foreign sovereign immunity.
  17. World Intellectual Property Organization (WIPO)
    A specialized agency of the United Nations that administers numerous treaties concerning protection of intellectual property rights.

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