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Law 1 Flashcards

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1
Q

Who must treaties be approved by

A

2/3 Senate

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2
Q

Intl Treaties override State Laws via…

A

Supremacy clause

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3
Q

WTO handles…

A

Disputes resolution

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4
Q

Case briefs are usually broken down into the following: (7)

A

Facts, history, issues, Holdings, Rule of law, Reasoning, Agreed upon opinion

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5
Q

IRAC format

A

Issue, Rule, Analysis, Conclusion (Suno)

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6
Q

Globalization definition

A

Integration of world economies beyond political borders. Made possible by transportation and technology (communication)

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7
Q

Domestic protectionism (barriers of free trade) (5)

A

Quotas, Tariffs, Embargos, Export restrictions, Subsidiaries (QTEES - Hila on other side of wall)

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8
Q

FTAs (Free Trade Agreements) decrease…

A

Domestic Protectionism and increase cooperation in trade

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9
Q

4 types of international business transactions

A

Sale of services, Import/export, Licensing, Investments (SILI- Platts’ class)

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10
Q

Direct exporting of g&s

A

Company sells overseas directly thru its own network

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11
Q

Indirect exporting of g&s goes thru…

A

intermediary (export mgmt company, export trading company, sales agents, etc)

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12
Q

Licensing is…

A

Sharing of intellectual property for a fee or royalties

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13
Q

Example of licensing

A

Microsoft office grants users a license, registry to use the suite. Cannot make copies and sell without microsofts permission

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14
Q

Example of franchising

A

McDonald’s allows Chinese operators to use its trademark and materials to open a McDonald’s in China

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15
Q

Foreign Direct Investments (FDIs) are…

A

Capital investments made by companies in other countries (ex joint venture/subsidiary, m&a, purchasing shares of established foreign entity)

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16
Q

Types of risk

A

Transactional, Legal, Currency, Cultural, Political (TlcCP)

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17
Q

Transactional risks examples (3)

A
  • payment from buyer
  • delivery from seller
  • due to distance, payment and delivery are not simultaneous
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18
Q

Transactional risk preventative measure

A
  • clear and detailed documents (5W, expectations given)
  • BOL (telling LOreal lotion on board boat for shipment to consignee)
  • Insurance
  • Letter of credit (irrevocable payment undertaking)
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19
Q

Cultural risk examples (3)

A
  • difference in language
  • different culture can mean different issues
  • cultural relativism
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20
Q

Currency risk examples (2)

A
  • rate fluctuations

- manual currency conversions (not using Google)

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21
Q

Currency risk prevention a (3)

A
  • identify payment terms
  • currency hedging (purchase and sell and set price)
  • trading goods for goods
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22
Q

Legal risk examples (3)

A
  • Cost and complexity of litigation
  • differences in law
  • proper enforcement
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23
Q

Legal risk preventatives

A
  • know the law
  • use ARBITRATION (not in court, disinterested third party, speedy, oea)
  • forum selection
  • understand international treaties (cisg, wipo, etc)
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24
Q

Political risk (define expropriation)

A

Taking of stuff by foreign government

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25
Q

Who are treaties negotiated by

A

Executives

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26
Q

Define utilitarianism

A

(cost/benefit) Ends justify the means

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27
Q

Define rights and duties

A

Certain unalienable rights

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28
Q

Define virtue ethics

A

Focusing on morality and reasoning

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29
Q

Define cultural relativism

A
  • Justifying persons actions based on their culture (Muslims)
  • not right or wrong, unless prejudice
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30
Q

Disadvantages of ethical business behavior (3)

A
  • higher costs (sourcing from fair trade rather than China)
  • higher overhead (proper training and HR)
  • false expectations (Chrysler reliability)
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31
Q

Advantages of ethical business behavior (4)

A
  • higher revenue and quality of life for producer)
  • improved brand name and rep
  • better employee motivation (no suicide nets)
  • new sources of financing (ethical investors)
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32
Q

Public relations ensure businesses act… (Celebrity pr)

A

Ethically

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33
Q

Foreign corrupt policies act (FCPA) covers what two areas (2)

A
  • transparent accounting requirements under SEC

- bribery of foreign officials

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34
Q

Who is a government official?

A
  • holding political office
  • candidate for office or political party
  • officers of state owned enterprise
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35
Q

Exception to FCPA (2)

A
  • expedition

- facilitation

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36
Q

Defenses against FCPA

A
  • okay in foreign country

- bona fide expenditure (plant visit, demonstration)

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37
Q

Indirect bribery definition

A

Illegal actions taken by third party

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38
Q

Organization for Economic Cooperation and Development (OECD)

A
  • Against bribery and corruption
  • identifies and pushes for good international business practices
  • Recog by FCPA
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39
Q

Choosing an entity form (what to consider) (6)

A

Type, Location, Management, Liability (financial), Taxation class, Exit strategy

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40
Q

Liability in general partnership

A

Unlimited personal liability, even for misconduct of other partners (Justin steals all pockets for himself)

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41
Q

Limited partnership

A 
General partners (at least one)
-unlimited liability
-manage day to day business
Limited partner (at least one)
-liability limited to contributed
-NOT involved at all
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42
Q

Limited liability partnership

A
  • No general or limited partner categories
  • have limited liability protection (not responsible if Justin steals pockets)
  • each partner participates in mgmt
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43
Q

Corporations

A
  • have SHAREHOLDERS, not partners or members
  • have board of directors
  • limited liability for officers/directors/shareholders
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44
Q

LLC

A

Most common and most flexible

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45
Q

S corporation

A
  • stock can be held by no more than 100 (SEX) persons
  • shareholders can be individuals, estates, trusts
  • must be generally domestic
  • only one class of stock (SSSsingle)
  • no foreigner shareholders (raciSt)
  • taxed a SSSingle time
  • transferability without unanimous consent (SSSingle person decision)
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46
Q

Define piercing the corporate veil

A

Putting aside limited liability rules to go after shareholders
-very difficult to prove

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47
Q

Causes to pierce veil

A
  • no proper documentation of transactions
  • under capitalization
  • fraud or misconduct
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48
Q

Define enterprise liability

A

All affiliated companies are an enterprise, thus liable (Arrest Dev)

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49
Q

Why Delaware? (4)

A
  • cheap
  • separate court for companies without jury
  • favorable legal precedent cases
  • little to no taxes
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50
Q

Why South Dakota? (2)

A
  • No usury laws (illegal interest rates? No need to pay back)
  • favorable legal precedent cases
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51
Q

Define joint venture

A
  • parties join forces for DEFINITIVE TIME PERIOD

- exercise dual control over enterprise and share rev, exp, assts

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52
Q

Define transfer pricing

A

Transactions between parent and subsidiary to shift profit to lower tax country

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53
Q

The Corporation is the most popular form for…

A

Foreigners (because sounds official)

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54
Q

Free Trade Zones contain…

A
  • Regions where countries have entered into free trade agreement
  • can pick jurisdiction most beneficial to the business
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55
Q

Types of dispute resolution (4)

A

Litigation, Informal, Mediation, Arbitration (Lima county)

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56
Q

Define jurisdiction

A

Courts ability to hear a case

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57
Q

Define venue

A

Location (which court) where a Case is held

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58
Q

Litigation

A
  • service of process (you’ve been served)
  • Court (Little Judge Judy)
  • identify jurisdiction and venue
  • evidence, enforcement, governing law, classic court case
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59
Q

Service of process

A
  • serving papers
  • other party has chance to defend
  • important for enforcement purposes
  • each country has its own way biren serves his papers
60
Q

What does the Hague Service Convention

A

Multilateral treaty between ~60 nations providing a method of common Serving within member nations (central serving authority)

61
Q

Alien venue statute

A

In federal matters, foreign alien may be sued in any federal court (except DC)

62
Q

What is Subject matter jurisdiction

A
  • ability to hear cases of a particular type (family, civil, criminal)
  • state courts can hear many types of cases (unless exclusively reserved for federal court)
  • can NOT waive to Subjectman
63
Q

What is Personal Jurisdiction

A
  • courts authority over particular defendant

- may waive to self in mirror

64
Q

General

A

Systemic and continuous presence within state

65
Q

Specific

A

Substantial connection to state

66
Q

Define sovereign immunity

A

Foreign governments cannot be sued

67
Q

Act of state doctrine

A

Actions of a government within its own country (N Korea)

68
Q

Forum Non Conveniens

A
  • “forum not agreeing. Aka YouTube comments”
  • even if court has right to hear case, case could be dismissed if there is a more suitable court (AlienTube)
  • factors: location, location of evidence, witnesses, undue hardship for defendant
69
Q

Choice of Law Provision

A

Parties agree by contract to be governed by particular country’s law
-natural grounds: NY, London, HK

70
Q

Most costly and time consuming part of litigation/court?

A

Collecting evidence

71
Q

Hague Evidence Convention

A

Request from court to foreign countries for assistance in retrieving evidence
-foreign country may reject due to national law

72
Q

Rule of reciprocity

A

Mutual exchange of privileges between states, countries, persons or businesses

73
Q

General agreement on tariffs and trade (GATT) basic objective

A

Liberalize trade so market can work to achieve the policy goals of the GATT
-replaced by WTO

74
Q

World Trade Organization (WTO) unlike GATT, establishes…

A

International organization and gives it legal personality and supports it with traditional treaty

75
Q

4 Parts of WTO (4)

A
  • multilateral agreements what impose binding obligations on members
  • dispute settlement rules
  • regular trade policy review
  • other optional agreements
76
Q

Ways to promote freer trade (5)

A

Eliminate quotas, tariffs, export restrictions, Embargos, and subsidiaries

77
Q

Gradual change aka

A

Progressive liberalism

78
Q

Generalized System of Preferences (GSP)

A

Formal system of exemption

79
Q

Most favored nation treatment

A

According to WTO, if country gives another country reduced tariffs, must do so for ALL other WTO members.
-Article 1 of GATT. (Most favored is of course #1)

80
Q

National treatment

A

Treating foreigners and locals equally as well as the products they offer
-Article 3 of GATT (National Treasure 3)

81
Q

Explicit discrimination

A

Measure classifies a product based on its place of production

82
Q

Implicit discrimination

A

Measure is discriminating foreign producers (more common than ex)

83
Q

Tariff limits in Schedule of concessions

A

Article 2 of GATT

84
Q

Define dumping

A

Selling products in host country at low prices that are below what is sold on the home market
-purpose is to increase market share in foreign market

85
Q

Subsidies define

A

Pmt by government to private sector to encourage certain actions
-pure export subsidies are prohibited (to refrain from dumping)

86
Q

Article XX

A

Protects morals, life, compliance of agreements, natural resources, and national treasures of artistic and historic value.

  • the hippie article (XXx)
  • can’t be arbitrary or unjustifiable
87
Q

Countervailing duties

A

Amount applied equal to the amount of estimated subsidy

-can’t be used alongside anti dumping duties

88
Q

Anti dumping duties

A

Counters the harm associated with dumping

-can’t be used alongside countervailing duties

89
Q

Technical barriers

A

Technical regulations and standards

90
Q

Dispute Settlement Understanding

A

Comprehensive statement of dispute settlement rules

91
Q

WTOs primary objective

A

Have violating party withdraw violating measures (make bad guys stop)

92
Q

Retaliatory actions are last resort

A

Last resort

93
Q

Substantial transformation test

A

Country of origin is the last country in which a good was SUBSTANTIALLY transformed (tariff classification change, change in nature and inability to reverse change (chemicals), value added)

94
Q

Value added test (EU and NAFTA)

A

62.5% of materials and labor in one country Mexico automobiles

95
Q

Specified processes test

A

These Specified processes on this list say you are the country of origin

96
Q

Ultimate purchaser

A

Final customer

97
Q

Tariff limits in Schedule of concessions

A

Article 2 of GATT

98
Q

Define dumping

A

Selling products in host country at low prices that are below what is sold on the home market
-purpose is to increase market share in foreign market

99
Q

Subsidies define

A

Pmt by government to private sector to encourage certain actions
-pure export subsidies are prohibited (to refrain from dumping)

100
Q

Article XX

A

Protects morals, life, compliance of agreements, natural resources, and national treasures of artistic and historic value.

  • the hippie article (XXx)
  • can’t be arbitrary or unjustifiable
101
Q

Countervailing duties

A

Amount applied equal to the amount of estimated subsidy

-can’t be used alongside anti dumping duties

102
Q

Anti dumping duties

A

Counters the harm associated with dumping

-can’t be used alongside countervailing duties

103
Q

Technical barriers

A

Technical regulations and standards

104
Q

Dispute Settlement Understanding

A

Comprehensive statement of dispute settlement rules

105
Q

WTOs primary objective

A

Have violating party withdraw violating measures (make bad guys stop)

106
Q

Retaliatory actions are last resort

A

Last resort

107
Q

Substantial transformation test

A

Country of origin is the last country in which a good was SUBSTANTIALLY transformed (tariff classification change, change in nature and inability to reverse change (chemicals), value added)

108
Q

Value added test (EU and NAFTA)

A

62.5% of materials and labor in one country Mexico automobiles

109
Q

Specified processes test

A

These Specified processes on this list say you are the country of origin

110
Q

Ultimate purchaser

A

Final customer

111
Q

Special marking requirements

A
  • steel knives (COO)
  • gold (K value content)
  • hazardous materials
  • ISO standards marks
112
Q

Penalties for not marking correctly

A
  • additional duties
  • restriction on import
  • rejection on import
  • seizure and forfeiture
113
Q

Reasons for export controls (2)

A
  • national security reasons

- foreign policy

114
Q

US export control is administered by…

A

Bureau of Industry and Security (part of Dept of commerce)

115
Q

Do you need a license to export? How about on goods that have been improved in the US?

A

Yes and Yes

116
Q

Export Administration Act…

A

Makes it illegal to knowingly export a controlled commodity without license

117
Q

General license

A

Broad grant of authority by gov to exporters (NLR)

118
Q

Validated license

A

Granted on case-by-case basis. For more specific products

119
Q

Special comprehensive license

A

Given to experienced exporters that are well known

120
Q

If routed thru one country to get to another, what must be determined?

A

Ultimate purchaser

121
Q

Export control commodity number (ECCN)

A

Code for every product. Determines export control

122
Q

Commerce country chart identifies…

A

The countries where licenses are required

123
Q

Ex-Im banks

A

Banks that provide loans, guaranties and insurance to encourage exports

124
Q

Standard marking requirements (2)

A
  • Ultimate purchaser

- country of origin

125
Q

Ad valorem

A

Latin: according to value

-tax based in value of sales

126
Q

Specific taxation

A

Fixed tax amount per unit of product

127
Q

Harmonized Tariff Schedule identifies…

A

Identifies specific item and its tax rate

128
Q

Section 9802

A

Item made in us, improved elsewhere, and sent back to us? Only value added portion is taxed
-must have same use

129
Q

Foreign trade zones

A

Duty free zones on non-prohibited goods. Taxed when transferred out of foreign trade zone

130
Q

Article 2 of UCC deals with

A

Sale of goods

131
Q

Article 2Amanda deals with

A

Lease of goods (but not for real property)

132
Q

Offer needs to contain (4)

A

-parties to the contract
-time for performance
-subject matter
-price
(PTSP)

133
Q

Offer is Irrevocable if

A
  • Made by merchant to buy and sell items
  • made in signed writing (contract)
  • terms hold timeframe open (if no time then 3 months)
134
Q

Mirror image rule

A

Acceptance must be same as offer

135
Q

Any change to material terms in offer is..

A

A counteroffer (Battle of Forms)

136
Q

Under article 2 the mirror image rule…

A

Does NOT apply

137
Q

Death…

A

Terminates a revocable offer

138
Q

Unilateral offer

A

Mowing lawn

139
Q

Bilateral offer

A

An ‘I accept’ is needed

140
Q

Mailbox rule

A

Acceptance is effective when put in mailbox for pickup

141
Q

Is bargaining a counter offer?

A

NO

142
Q

Is contract TO GIFT enforceable?

A

No. This is nominal consideration, which is not consideration

143
Q

Promissory estoppel doctrine

A

A non-contractual promise may be made enforceable to avoid any injustice.

144
Q

Define promissory estoppel

A

Tho there is no enforceable contract, because one party has relied on the promise of the other, it would be unfair not to enforce the agreement

145
Q

Rule by law

A

Country where laws are used as tools and a means to an end

146
Q

Rule of law countries…

A

More focus on contracts and fair competition

147
Q

Rule by law countries…

A

Less focus on contracts and more on relationships

Law (2 decks)

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