International Business Flashcards
Civil law approach
A systematic collection of laws designed to cover all areas of concern
Common law
Relies on previous court decision and interprets statutes and regulations
Principles of common law
The rights of the individual exist along side those of the state
The trial is adversarial
Case law develops through judgments and precedents, and coexist with statute law
Crimes are punished by compensation
Extraterritorial application of the law
A country’s attempt to apply its its laws to nonresident and foreigners, and to activities that take place beyond its borders
CISG
A UN convention on the international sale of goods
Arbitration
A dispute resolution process agreed to by parties in lieu of going to court in which a person or a body makes a binding decision. it is quicker and less expensive
Litigation
Legal proceeding conducted to determine and enforce particular legal rights. Can be complicated and expensive
WTO – UN
TRIPS – WTO
Trademarks protected under WIPO, TRIPS
Incoterm
FAS: free alongside ship: the seller pays all the transportation into every expense to the ship side and clears the goods for export
CIF: cost, insurance, freight: price includes cost of goods, insurance, and all transportation and misc charges to the named port of final destination
CfR: cost and freight: buyer purchases the insurance either because it can be obtained at A lower cost or because the buyers government insist on use of local insurance company
Antitrust law
Laws that prevent inappropriately large concentrations of power and it’s abuse their price fixing, market sharing, and monopoly
Sarbanes-Oxley Act
Sets higher standards for boards, mgmt, and accting firms
Gross National income
Total value of all income generated by the residents of the nation including both the doMestic production of goods and services and income from abroad
Developing and developed economies
The worlds lower income nation which have less developed infrastructures and Lower living standard. Developed is the classification For high income nations- high living standards
Gross domestic product
The measure of an economy size based on the market value of goods and services produced within a nation in a year
Purchasing power parity
A means of adjusting the exchange rate rate for two currencies so that the currencies have equivalent purchasing power
