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Legal Environment

Chapter 9

TermDefinition
Act of State Doctrine A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.
Choice-of-Language Clause A 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 a contract designating the law (such as the law of a particular state or nation) 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. This recognition is based primarily on respect.
Confiscation A government’s taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.
Correspondent Bank A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.
Distribution Agreement A contract between a seller and a distributor of the seller’s products setting out the terms and conditions of the distributorship.
Dumping The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
Export The sale of goods and services by domestic firms to buyers located in other countries.
Expropriation The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.
Force Majeure Clause A provision in a contract stipulating that certain unforeseen events—such as war, political upheavals, or acts of God—will excuse a party from liability for nonperformance of contractual obligations.
Foreign Exchange Market A worldwide system in which foreign currencies are bought and sold.
Forum-Selection Clause A provision in a contract designating the court, jurisdiction, or tribunal that will decide any disputes arising under the contract.
Letter of Credit A written instrument, usually issued by a bank on behalf of a customer or 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.
Normal Trade Relations (NTR) Status A status granted by each member country of the World Trade Organization to other member countries.
Quota A set limit on the amount of goods that can be imported.
Sovereign Immunity A doctrine that immunizes foreign nations from the jurisdiction of U.S. courts when certain conditions are satisfied.
Tariff A tax on imported goods.
Treaty A formal written agreement negotiated between two or more nations.
Created by: mjgraham237