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Business Law Exam 2

Swerdlow Exam 2 Lamar University

TermDefinition
Act of State Doctrine Doctrine providing that the judicial branch of one country will not examine public acts committed by a recognized foreign government within its own territory.
Choice of Language Clause Clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms
Choice of Law Clause A clause in the contract designating the law (what country or state) that will govern the contract
Comity The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. Primarialy out of respect.
Confiscation and Expropriation When a foreign government take away a private business or property. Confiscation is illegal and may or may not give just compensation. Expropriation is for a public purpose and gives just compensation.
Dumping The selling of goods in a foreign country at a price below the price charged in the domestic market
Export and Import Export- the sale of goods made domestically and sold to foreign countries. Imnport- The buying of foreign goods into a country.
Force Majeure Clause Clause that stipulates that certain unforeseen events (acts of god, political upheavals) will excuse a party from liability for nonperformance of contractual obligations.
Forum-Selection Clause A provision in a contract designating the court jurisdiction, or tribunal that will decide any disputes arising under the contract
International Law The law that governs relations among nations. International customs, treaties, and organizations are important sources of international law.
Letter of Credit A written instrument usually issued by a bank on behalf of a customer ort other person in which the issuer promises to honor drafts or other demands for payment by third parties in accordance with the terms of the instrument.
Quota A set limit on the amount of goods that can be imported.
Sovereign Immunity Doctrine Immunizes foreign nations from the jurisdiction of us courts when certain conditions are satisfied.
Tariff A tax on imported goods
Treaty In international law, an agreement between two nations or among several nations. US must be approved by the senate.
North American Free Trade Agreement (NAFTA) Regional trading unit consisting of Canada, Mexico, and the United States.
The central America-Dominican Republic Agreement (CAFTA-DR) Costa Rica, the dominican republic, el salvador, guatemala, honduras, nicaragua, and the US. Reduces tariffs and improves market access among these nations
The European Union "the Common Market" free trade zone between Belgium, France, Italy, Luxembourg, the Netherlands, and west Germany. Today, over 27 countries are included.
The Alien Tort Claims Act Allows even foreign citizens to bring civil law suits in US courts for injuries caused by violations of international law or a treaty of the US.
The Foreign Corrupt Practices Act Prohibits US businesspersons from bribing foreign officials to secure advantageous contracts
Created by: 100000080537058
 

 



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