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Bus Exam 2

Chp 8

TermDefinition
International customs Evidence of a general principle accepted as a law.
Treaties An agreement between 2 or more countries that is authorized by both governing parties
International organizations Mainly composed of representatives from member nations, usually established by treaty.
Common law systems - Courts independently develop rules by state deceases for certain areas of law not covered by statutory law.
Codified law systems Primary source of law is statutory code. Courts interrupt the code, but cannot set binding precedent.
Islamic law systems Legal code is based on religious principles that govern a Muslims way of life.
Principle of Comity One nation will defer to the laws of another country, as long as those laws are consistent with the law and public policy of the accommodating nation.
Acts of State doctrine Judicial branch of one country will not examine the validity of public acts by foreign government within its own territory. Often invoked to protect expropriation, and confiscation.
Expropriation The government of a country seizes privately owned property or business for a proper purpose and awards compensation.
Confiscation The government seizes private property or business for an illegal purpose without compensation.
Doctrine of Sovereign Immunity Exempts foreign nations from jurisdiction in US courts with some exemptions.
Quota Limit the amount of goods that can be imported.
Tariff Are taxes upon imports
Dumping The sale of imported goods at less than fair value in order to drive US companies out of business. illegal.
European Union (EU) Common market made up of 27 countries with virtually no trade barriers, a common court system and money system.
NAFTA Agreement between Canada, US, and Mexico designed to reduce or eliminate trade restrictions over time.
US laws in global context If a company has US citizens working abroad in a US owned company, they are subject to US laws.
Created by: RCP22
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