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Business Law Exam 2
Swerdlow Exam 2 Lamar University
| Term | Definition |
|---|---|
| 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 |
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