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Law > Law 2 > Flashcards

Law 2 Flashcards

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1
Q

What details are listed on the BOL (3)

A

Type, Quantity, Destination (Tea, QD)

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2
Q

Is a BOL legally binding?

A

YES

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3
Q

BOL holder owns…

A

The right and title to the goods

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4
Q

Does BOL need to be on physical paper

A

Of course not. (Syncada)

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5
Q

The types of BOL (6)

A

Clean, L.O.C., Order, On-board, Received-for-shipment, Straight (CLOORS)

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6
Q

On-board BOL

A

Warrants that the goods are places onboard a names vessel and is signed by the master of the vessel

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7
Q

Received-for-shipment BOL

A

Recognizes that the goods have been delivered to a carrier, but does not warrant that the goods have been placed upon a particular ship

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8
Q

Straight BOL

A
  • Non-negotiable

- Must be delivered to the person named as the receiver

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9
Q

Order BOL

A

May be bought, sold, traded while the goods are in transit

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10
Q

Clean BOL

A

A receipt for goods issued by a carrier with an indication that the goods were received in “apparent good order and condition”

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11
Q

LOC transaction (BOL that is required)

A

Clean, On-board, Order BOL combo is required to obtain payment from bank

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12
Q

Letter of credit (define)

A

Document issued mostly by a financial institution providing an irrevocable payment undertaking
-Can ALSO be the payment for a transaction when redeemed by the exporter

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13
Q

Letters of credit are usually used in…

A

International transactions of significant value

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14
Q

Risk of loss is…

A
  • The risk that the goods will be damaged or lost during transit
  • Buyer and seller generally negotiate who will bear the risk of loss
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15
Q

In Shipment contracts…

A

Risk of loss passes to the buyer at the point of shipment (where seller hands goods to carrier)

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16
Q

In Destination contracts…

A

Risk of loss passes to the buyer at the point of destination

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17
Q

Trade terms are used…

A

In a sales contract to allocate the cost, risk of loss, and responsibility of transporting the goods between seller and buyer
-Provide parties with obligations regarding contracting for shipping and insurance services

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18
Q

If the contract does not state the Trade Terms…

A

Risk of loss transfers from seller to buyer when seller delivers goods to carrier

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19
Q

E Terms

A
  • Pro Seller
  • Buyer bears all cost and risks of transport from sellers place of business to the point of destination
  • Seller is not responsible for loading goods or clearing goods for export
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20
Q

Ex Works (EXW)

A

Trade term requiring goods to be delivered to his own place of business
-All other transportation costs and risks are assumed by the buyer
-Seller makes the goods available at its premises
(Store. If buyer asks to load item into vehicle for them, seller charges a fee)

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21
Q

F Terms

A

Seller is responsible for arranging the necessary pre carriage to reach the agreed upon location to hand over the goods to carrier
-Buyer is responsible to arrange and pay for the main carriage if goods to the final destination

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22
Q

Pre-carriage

A

Anything that happens before the customer is loaded

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23
Q

On-carriage

A

Anything that happens after the container is discharged

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24
Q

F Terms - FCA

A

“Freecarrier” to a named place

  • Seller provides costs of transport of goods at the named shipping point
  • Seller has to arrange for export clearance
  • Buyer has the risk as soon as goods are delivered to the carrier at the named point
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25
Q

F Terms - FAS

A

Free Alongside Ship
-Seller only covers delivery to alongside ship (only up to the ship at the port of departure)
-Seller will have to arrange for export clearance
-buyer is responsible for loading, transport and insurance
-Buyer has the risk after seller delivers to the ship
(Only applies to transport by sea or inland waterway)

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26
Q

F Terms - FOB

A

Free on board

  • seller delivers goods abroad and overseas vessel (pass the ships railing)
  • seller will have to arrange for export clearance
  • buyer bears the risk and cost of transport
  • only applies to transport by sea or inland waterway
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27
Q

C Terms - CFR

A

Cost and freight

  • seller is responsible for carriage costs to destination
  • seller responsible for export clearance
  • buyer responsible for insurance and bears the risk of loss once goods pass the rails of the ship (once loaded onto vessel)
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28
Q

C Terms - CIF

A

Cost, Insurance, Freight

  • sellers quote includes cost, insurance, and freight to port of destination
  • seller is responsible for export clearance
  • buyer has risk of loss as soon as goods pass the rails of the ship
  • Most common
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29
Q

D Terms - DES

A

Delivered ex ship

  • seller pays the cost of transport and insurance to the port of destination
  • buyer responsible for unloading and clearing customs
  • seller bears risk of loss until discharging (handing goods to buyer)
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30
Q

D Terms - DDP

A

Delivered duty paid

  • seller must deliver the goods at the named destination
  • seller arranged for export clearance
  • seller obtains import clearance
  • Most Buyer Friendly
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31
Q

BOL is a document that is provided by the…

A

Carrier (freight forwarder) to the shipper (seller), proving that the goods were given to the carrier for delivery

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32
Q

Common carrier define

A

A company that contracts for transportation of goods or people

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33
Q

4 modes of transportation

A

Air, sea, rail, road

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34
Q

Grounds for common carrier (4)

A
  • Misdelivery
  • damage to goods
  • material deviation
  • failure to provide fair opportunity to declare higher value
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35
Q

Hull insurance is insurance for what

A

Boat insurance

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36
Q

Perils only

A

Only collect insurance from expressly listed causes

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37
Q

Inchmaree clause define

A

Extends the lost of covered boat perils (crew negligence, patent defects)

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38
Q

Running down clause define

A

Damages to other ship due to collision

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39
Q

Irrevocable letter of credit define

A

Banks cannot revoke the letter of credit

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40
Q

Rule of strict compliance

A

Banks are authorized to reject documents if there are any discrepancies

41
Q

Facial compliance rule

A

Banks are only required to review documents, not required to investigate trade customs or usage

42
Q

Standby letter of credit

A

Loc that represents an obligation to the beneficiary on the part of the issuer
-Present mostly in construction contracts, service contracts and warranties

43
Q

Performance bonds

A

A guarantee from an insurance company to pay the insured in case of default

44
Q

Bid bond

A

Insure against the risk that a bidder may not honor its bid

45
Q

Credit surety

A

It guarantees the repayment to a bank or lender who financed an export transaction or development project

46
Q

Retention fund

A

In large or governmental projects a percentage is deducted from each payment due to the supplier or contractor and is retained in a fund pending completion of the project

47
Q

Demand guaranty

A

Secures performances of a non monetary obligation

48
Q

Transferable credit

A

Suppliers accept part of the letter of credit that the seller receives from the buyer in export transactions

49
Q

Back to back letter of credit

A

Buyer makes arrangements with a third bank to make the loan

50
Q

Government assistance programs

A

-Foreign corporation insurance agency (protects against default in exports)
-Overseas private insurance corporation (offers performance bonds)
-Ex/I’m bank in the United States (arranges loans, guarantees, capital and insurance
-Small business administration
(FOES)

51
Q

General agreement on trade in services

A

Efforts to remove restrictions on market access to certain industries
-address environmental, energy, health, and education concerns

52
Q

Service sector accounts for

A

75% of us Gdp in private sector

53
Q

Agreements under general agreement on trade in services…

A

Does NOT apply to citizenship, residency, employment and movement of labor

54
Q

Define trademark

A

Any word, name, symbol or device or any combination that identifies goods and distinguishes them from those manufactured or sold by others

55
Q

Copyright define

A

A form of protection provided to authors of original works of authorship fixed in a tangible form of expression

56
Q

Define patent

A

Inventions that are useful, novel, and non obvious

57
Q

Define trade secrets

A

Any device or information that is used in a business and gives its owner a competitive advantage

58
Q

Trademark is only protected if

A

-Fanciful- no logical relationship to the underlying good (Kodak, Xerox)
-arbitrary- no logical relationship to underlying good (Apple)
-suggestive - Microsoft
-surname - McDonald’s
(NOT descriptive or generic)

59
Q

Is registration required for trademark?

A

No but recommended (10 yrs)

60
Q

Does trademark registration guarantee that you are the first to use?

A

No

61
Q

Infringement is found if there is confusion to the consumer

A

K

62
Q

Section 106

A

Gives copyright owner right to reproduce work in copies, for sale, lending etc

63
Q

Purpose of copyright

A

To protect creativity

64
Q

Work created after 1978

A
  • life of author plus 70 yrs
  • anonymous works made for hire 95 yrs from date of publication or 120 years from date of creation (whichever comes first)
65
Q

Copyright notice needs to be required?

A

No but recommended

66
Q

First sale copyright

A

Owners right terminated once copyright work is legally sold

67
Q

Fair use

A

Small amount of work can be used for news, research, edu etc

68
Q

Patent provides…

A

Right to exclude others from making, using, or importing the invention for 20 yrs
(To promote innovation and sharing of ideas)

69
Q

First to file vs first to invent

A

Used to be first to invent

  • Obama changed to first to file AIA
  • most countries use first to file
70
Q

Non patentable (2)

A
  • Business models

- bio material

71
Q

Doctrine of equivalent

A

Patent does not to be exact copy of an invention to prove a case.

72
Q

Economic espionage act

A

Can’t sell government or business secrets

73
Q

World intellectual property organization (WIPO)

A

Un organization

74
Q

Madrid system

A

Trademark

75
Q

Hague system

A

Industrial design

76
Q

Lisbon system

A

Appellation of origins (columbian coffee)

77
Q

Paris convention

A

Industrial property which gives rights of priority and national treatment

78
Q

Berne/Universal convention

A

Establishes rights of copyright owner

79
Q

Berlin act

A

Photographic materials

80
Q

Rome act

A

Moral rights

81
Q

Brussels act

A

Movie films

82
Q

Grey market goods

A

It refers to imports bearing a genuine trademark but imported by a party other than the trademark holders

83
Q

Advantages to transferring intellectual property rights abroad (3)

A
  • avoid costs of exporting
  • problems with host country’s laws
  • tariffs
84
Q

Due diligence

A

Licensor:

  • Must review the host nations approval system
  • must review registration requirements domestically and in the host nation
85
Q

Tying provisions

A

Requires the licensee to purchase supplies from the licensor or certified supplier

86
Q

Territorial restrictions

A

Regulate where licensee may sell goods or service

87
Q

Choice of law

A

Designate the law of licensor or licensee as the country to resolve disputes

88
Q

Grant provisions

A

Describes the rights of the licensee along with restrictions

  • limitation of the right to copy
  • clearly state the licensors title to the intellectual property
  • no reverse engineering
  • termination of rights of the licensee
  • exclusive rights of the licensee in specified territory or non exclusive
89
Q

Preamble

A

Includes identification of contracting parties and nature of agreement

90
Q

Recitals

A

List rights that are being transferred

91
Q

Definitional terms

A

Clarifies the terms used throughout agreement

92
Q

Channels of distribution

A

The licensor defines the appropriate avenues for sales for the licensed product

93
Q

Covenant not to compete

A

The licensees right to compete with licensor is heavily scrutinized

94
Q

Reservation of rights of licensor

A

The licensor reserves all rights not expressly transferred to licensee

95
Q

Grant back provisions

A

The licensor attempts to reserve future rights to improvements of goods

96
Q

Indemnification clause

A

Indemnified for any liability stemming from licensors title or product

97
Q

Validity or no challenge clause

A

Prohibits the licensee from challenging the validity of exclusiveness of the licensors intellectual property

98
Q

Non partnership clause or independent contractor clause

A

The licensee is not acting as an agent or partner of the licensor

99
Q

Termination clause

A

Specific grounds upon which agreement can be terminated

  • quality control
  • non payment of royalties
  • violation of specific aforementioned clauses

Law (2 decks)

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