BUL 6 vocabulary

Question 1

international law

Answer 1

governs the conduct of states and international organizations and their relationships with one another and with natural and juridical persons.

Question 2

state

Answer 2

entity possessing territory, a permanent population, a government, and the legal capacity to engage in dipolmatic relations

Question 3

comparative law

Answer 3

the study of legal systems of different states

Question 4

foreign sales representatives

Answer 4

an agent who distributes, represents, or sells goods on behalf of a foreihn seller and forwards orders directly to the company

Question 5

distributors

Answer 5

people who purchase goods from a seller for resale in a foreign market

Question 6

franchise agreement

Answer 6

a contract whereby a company (known as a franchisee) grants permission (a license) to a foreign state.

Question 7

licensing agreement

Answer 7

the foreign company (licensor) grants permission to a company in the targeted market(licensee) to utilize the licensor’s intellectual property, consisting of patents, trademarks, copyrights, or trade secrets.

Question 8

joint venture

Answer 8

parties share profits and management responsibilites for a specific project

Question 9

foreign subsidiary (affiliate)

Answer 9

a business enterprise located in one state that is directly or indirectly owned and controlled by a company located in another state

Question 10

foreign corrupt practices act (FCPA)

Answer 10

prohibits US companies from offering or paying brides to foreign government officials

Question 11

Tariffs

Answer 11

taxes levied on imported goods

Question 12

non-tariff barrier

Answer 12

any impediment to trade other than tariffs , including quotas, embargoes, and indirect barriers

Question 13

General agreement on tariffs and trade (GATT)

Answer 13

comprehensive multilateral trading sysytem designed to achieve distortion- free international trade by minimizing tariffs and removing artificail barriers

Question 14

World trade organization(WTO)

Answer 14

facilitates international cooperation in opening markets and provides a forum for future trade neogotitations and the settlement of international trade disputes

Question 15

normal trade relations

Answer 15

treat like goods in WTO equally

Question 16

National treatment

Answer 16

prohibits WTO from regulating taxing or otherwise treating imported products any differently form domestically produced products

Question 17

quantitative restrictions

Answer 17

limits the importation of cetain products on the basis of number of units, weight, or value, for national economic reasons, or for the protection of domestic industry

Question 18

Dumping

Answer 18

practice wherein an exporter sells products in a foreign state for less than the price charges for the same of comparable goods in the exporter’s home market

Question 19

subsidy

Answer 19

a government payment to a specific industry of enterprise

Question 20

Dispute settlement understanding

Answer 20

allows recognized governements of the WTO member states to bring an action alleging a violation of GATT

Question 21

free trade agreement

Answer 21

three of more states agree to reduce and gradually eliminate tariffs and other trade barriers

Question 22

north american free trade agreement (nafta)

Answer 22

between the USA, Canada, and mexico is a multilateral free trade agreement

Question 23

bilateral free trade agreements

Answer 23

which relate to trade between two states

Question 24

lex mercatoria

Answer 24

law of merchants

Question 25

convention on the internation sale of goods (CISG)

Answer 25

applies to the commercial sale of goods

Question 26

jurisdiction

Answer 26

the power to hear and resolve the dispute

Question 27

subject-matter jurisdiction

Answer 27

the power over the type of case presented to it

Question 28

personal jurisdiction

Answer 28

the power of the court ober the persons appearinf before it

Question 29

general personal jurisdiction

Answer 29

permits adjudication of any claims against a defendant regardless fo whether the claim has anything to do with the forum or location where the claim is filed

Question 30

specific personal jurisdiction

Answer 30

the defendeant must have purposefully availed itself of the protections of the forum and the selected forum must be reasonable

Question 31

forum selection agreement

Answer 31

allows the parties to choose where disputes between them will be resolved

Question 32

choice-of-law clause

Answer 32

lets the parties to a contract choose the law of a certain state to apply to the interpertation of the contract or in the event of dispute

Question 33

venue

Answer 33

court with the subject-matter and personal jurisdiction that is the most appropriate geographic location for the resolution of the dispute

Question 34

Hague Evidence Convention

Answer 34

a multilateral convention establishing procedures for transnational discovery between private persons in different states, attempts to resolve such problems, it has been ratified by only 31 states

Question 35

Arbitration

Answer 35

a type of alternative dispute resolution by private, nonofficial persons selected in a manner provided by law of the agreement of the parties

Question 36

New York Convention

Answer 36

an international agreement governing the arbitration of provate international disputes, has been ratified by 144 states to date, including the USA

Question 37

embargo

Answer 37

a ban on trade with a particular state or on the sale of specific products, usually on the basis of foeign policy or national security

Question 38

indirect barriers

Answer 38

laws, practices, customs, and traditions that limit or discourage the slae and purchase of imported goods

Question 39

Quotas

Answer 39

limits on imported goods, usually imposed for national economic reasons or for the protection of domestic industry