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Business 501 > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

World’s different legal system based on 4 heritages

A
  1. ) Common Law
  2. ) Civil or Code Law
  3. ) Islamic Law
  4. ) Marxist-Socialist Tenets
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2
Q

a country’s laws may be based on one of the four legal systems, but __________ may vary

A

individual interpretation

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3
Q

Seeks interpretation through the past decisions of higher courts which interpret the same statues

A

Common Law

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4
Q

Are recognized as not being all-inclusive

A

Common Law

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5
Q

Intellectual property ownership is established by use

A

Common Law

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6
Q

Legal system is generally divided into three separate codes

A

Code Law

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7
Q

three separate codes of Code Law

A
  1. ) commercial
  2. ) civil
  3. ) criminal
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8
Q

Considered complete as a result of catchall provisions found in most code-law systems

A

Code Law

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9
Q

Intellectual property ownership by registration

A

Code Law

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10
Q

Official name of Islamic Law

A

Shari’ah

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11
Q

basis of interpretation is the Koran

A

Islamic Law

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12
Q

prescribes specific patterns elf social and economic behavior for all individuals

A

Islamic Law

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13
Q

Islamic Law prohibits the

A

payment of interest

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14
Q

Islamic Law also prohibits

A

alcohol, gambling, and casinos

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15
Q

are increasing their trade with non-Marxist-Socialist countries

A

Marxist-Socialist countries

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16
Q

had to be developed that allowed international commerce

A

Commercial legal systems

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17
Q

Pattern for development

A

varies among countries

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18
Q

used pre-WWII laws; easier transition

A

Czech Republic and Poland

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19
Q

had to start from scratch; slow and disjointed; Big Problem- Vaguely worded laws

A

China and former Soviet Union

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20
Q

judicial body exists to deal with legal commercial problems arising between citizens of different countries

A

There is no judicial body to handle disputes

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21
Q

Legal disputes can arise in three situations

A
  • Between governments
  • Between a company and a government
  • Between two companies
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22
Q

Jurisdiction is generally determined on the basis of:

A
  • Jurisdictional clauses included in contracts
  • Where a contract was entered into
  • Where the provisions of the contract were performed
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23
Q

Disputes tend to arise in international trade when

A
  • the buyer refuses to pay,
  • the product is of inferior quality, or
  • the shipment arrives late
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24
Q

First step of International dispute resolution

A

informal resolution

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25
Q

If no information resolution, three ways to deal with international disputes:

A
  • Conciliation
  • Arbitration
  • Litigation
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26
Q

Also called mediation

A

Conciliation

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27
Q

A nonbinding agreement between parties to resolve disputes by asking a third party to mediate differences

  • Sessions are private
  • All conferences between parties and the mediator are confidential
A

Conciliation

28
Q

conciliation is preferred by the _____

A

Chinese

29
Q

should be included in all conciliation agreements

A

an arbitration clause

30
Q

is not legally binding

A

conciliation

31
Q

Parties involved select a disinterested and informed party as referees to determine the merits of the case and make a judgment that both parties agree to honor

A

arbitration

32
Q

The popularity of arbitration has led to a proliferation of

A

arbitral centers

33
Q

should be used in contracts and legal documents

A

arbitration clause

34
Q

Arbitration clauses require agreement on two counts:

A
  • To use arbitration process to settle dispute

- To abide by the awards resulting from the arbitration

35
Q

a last resort to conflict resolution

A

litigation

36
Q

deterrents to litigation

A
  • Fear of creating a poor image and damaging public relations
  • Fear of unfair treatment in a foreign court
  • Difficulty in collecting a judgment that may otherwise have been collected in a mutually agreed settlement through arbitration
  • High cost and time required
  • Loss of confidentiality
37
Q

Inventions, literary and artistic works, and symbols, names, images, and designs used in commerce

A

intellectual property

38
Q

Companies spend millions of dollars on

A
  • Establishing brand names or trademarks

- Research to develop products, processes, designs, and formulas

39
Q

are among the most valuable assets

A

intellectual or industrial properties

40
Q

companies must be vigilant against

A

piracy and counterfeiting

41
Q

can do serious physical harm

A

counterfeit drugs

42
Q

protection of intellectual property rights must protect against:

A
  • counterfeiting and piracy

- inadequate protection

43
Q

first company to use IP owns it (prior use)

A

Common Law

44
Q

first company to register IP owns it (registration)

A

Code Law

45
Q

Responsible for the promotion and protection of IP and administration of treaties

A

World Intellectual Property Organization (WIPO)—UN

46
Q

Most comprehensive multilateral agreement on IP

A

Trade-Related Aspects of Intellectual Property Rights—WTO

47
Q

must be in use in some countries

A

patents and trademarks

48
Q

IP approach in some countries

A

charge what market will bear -Warner Bros.

49
Q

has no political or national boundaries—truly global

A

the internet

50
Q

Register and hold Web names then sell them at an inflated price

A

cybersquatters

51
Q

Companies were deemed to have a__________ in a country it they had a permanent establishment there

A

taxable presence

52
Q

are making substantial progress

A

digital contracts

53
Q

have laws regulating marketing activities

A

all countries

54
Q

marketing activities

A
  • Promotion
  • Product development
  • Labeling
  • Pricing
  • Channels of distribution
55
Q

Premiums, free gifts, and coupons prohibited

A

Austria

56
Q

Claims and statements must not be misleading and uses the “credulous person standard”

A

Canada

57
Q

Censorship of advertising

A

China

58
Q

U.S. products must now comply with

A

stricter EU standards

59
Q

focus on environmentally friendly products and product packaging

A

green marketing laws

60
Q

Manufactures, distributors, and retailers must accept returned packaging materials

A

Germany

61
Q

requires car manufactures to take back cars that no longer have resale value

A

EU (Green Marketing Law)

62
Q

Foreign Corrupt Practices Law

A

anti-bribery law

63
Q

Designed to combat restrictive business practices and to encourage competition

A

antitrust laws

64
Q

U.S. companies are forbidden to participate in an

A

unauthorized foreign boycott (anti boycott law)

65
Q

No export license is needed for a business, but a license may be required for

A

certain exports to certain destinations

66
Q

who’s responsibility is it to know which exports require a license

A

the exporter

67
Q

National Security Laws

A
  • U.S. firms, their subsidiaries, or their foreign licensees cannot sell particular products to certain countries
  • Restriction extends to the final destination, not just countries in which exports are directly shipped
  • Components of weapons of mass destruction may have dual purpose

Business 501 (4 decks)

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