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Business Law Ch. 6

TermDefinition
international law the body of law that governs the conduct of nations and international organizations and their relations with one another and with natural and juridical persons
comparative law the study of the legal systems of different states
foreign sales representative an agent who distributes, represents, or sells goods on behalf of a foreign seller, usually in return for the payment of a commission
distributor a merchant who purchases goods from a seller for resale in a foreign market
franchise agreement a contract whereby a company (the franchisor) grants permission (a license) to another entity (the franchise) to use the franchisor's name, trademark, or copyright in the operation of a business and associated sale of goods in return for payment
licensing agreement a contract in which one company (the licensor) grants permission to another company (the licensee) to use the licensor's intellectual property in return for payment
joint venture an association between two or more parties wherein the parties share profits and management responsibilities with respect to a specific project
foreign subsidiary (affiliate) a business enterprise located in one state that is directly or indirectly owned and controlled by a company located in another state
tariff a tax levied on imported goods
Foreign Corrupt Practices Act (FCPA) federal law prohibiting U.S. companies from offering or paying bribes to foreign government officials, political parties, and candidates for office for the purpose of obtaining or retaining business
nontariff barrier any impediment to international trade other than tariffs
General Agreement on Tariffs and Trade (GATT) a comprehensive multilateral trading system designed to achieve distortion-free international trade through the minimization of tariffs and removal of artificial barriers
World Trade Organization (WTO) an international organization that facilitates international cooperation in opening markets and provides a forum for future trade negotiations and the settlement of international trade disputes
normal trade relations a GATT principle of trade law which requires that WTO member states treat like good coming from other member states on an equal basis
national treatment a GATT principle of trade law that prohibits WTO member states from regulating, taxing, or otherwise treating imported products any differently from domestically produced products
quantitative restriction a limit on the importation of certain goods that is imposed on the basis of number of units, weight, or value for national economic reason, or for the protection of domestic industry; prohibited by GATT
subsidy a financial contribution by a government that confers a benefit on a specific industry or enterprise
Dispute Settlement Understanding an agreement that is part of the WTO system whereby recognized governments of WTO member states may bring an action alleging a violation of GATT by other member states
North American Free Trade Agreement (NAFTA) an international agreement between the United States, Canada, and Mexico whereby tariffs and other trade barriers will be reduced and gradually eliminated
bilateral free trade agreement an international agreement between two nations that relates to trades between them
lex mercatoria the "law of merchants" as defined by customs or trade usages developed by merchants to facilitate business transactions
Convention on the International Sale of Goods (CISG) an international agreement applicable to transactions involving the commercial sale of goods
jurisdiction the power of a court to hear cases and resolve disputes
subject-matter jurisdiction the power of a court over the type of case presented to it
personal jurisdiction (in personam jurisdiction) the power of a court to require that a party (usually the defendant) or a witness come before the court; extends to the state's borders in the state court system and across the court's geographic district in the federal system
general personal jurisdiction a doctrine permitting adjudication of any claims against a defendant regardless of whether the claim has anything to do with the forum
specific personal jurisdiction a doctrine permitting adjudication of a claim against a defendant only if the defendant purposefully availed himself or herself of the protections of the forum and if the selected forum is reasonable
forum selection agreement a contractual clause in which the parties choose the location where disputes between them will be resolved
choice-of-law clause a contractual clause in which the parties specify which state's law will apply to the interpretation of the contract in the event of a dispute
venue the court with subject-matter and personal jurisdiction that is the most appropriate geographic location for the resolution of a dispute
Hague Evidence Convention a multilateral convention establishing procedures for transnational discovery between private persons in different states
New York Convention an international agreement governing the use of arbitration as a method of resolving private international disputes
dumping the practice wherein an exporter sells products in a foreign state for less than the price charged for the same or comparable goods in the exporter's home market
free trade agreement an international agreement between two or more nations whereby tariffs and other trade barriers are reduced and gradually eliminated
 

 



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