Legal Environment Word Scramble
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Term | Definition |
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. |
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mjgraham237
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