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Law 2 Flashcards

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
F Terms - FAS
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)
26
F Terms - FOB
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
27
C Terms - CFR
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)
28
C Terms - CIF
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
29
D Terms - DES
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)
30
D Terms - DDP
Delivered duty paid - seller must deliver the goods at the named destination - seller arranged for export clearance - seller obtains import clearance - Most Buyer Friendly
31
BOL is a document that is provided by the...
Carrier (freight forwarder) to the shipper (seller), proving that the goods were given to the carrier for delivery
32
Common carrier define
A company that contracts for transportation of goods or people
33
4 modes of transportation
Air, sea, rail, road
34
Grounds for common carrier (4)
- Misdelivery - damage to goods - material deviation - failure to provide fair opportunity to declare higher value
35
Hull insurance is insurance for what
Boat insurance
36
Perils only
Only collect insurance from expressly listed causes
37
Inchmaree clause define
Extends the lost of covered boat perils (crew negligence, patent defects)
38
Running down clause define
Damages to other ship due to collision
39
Irrevocable letter of credit define
Banks cannot revoke the letter of credit
40
Rule of strict compliance
Banks are authorized to reject documents if there are any discrepancies
41
Facial compliance rule
Banks are only required to review documents, not required to investigate trade customs or usage
42
Standby letter of credit
Loc that represents an obligation to the beneficiary on the part of the issuer -Present mostly in construction contracts, service contracts and warranties
43
Performance bonds
A guarantee from an insurance company to pay the insured in case of default
44
Bid bond
Insure against the risk that a bidder may not honor its bid
45
Credit surety
It guarantees the repayment to a bank or lender who financed an export transaction or development project
46
Retention fund
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
Demand guaranty
Secures performances of a non monetary obligation
48
Transferable credit
Suppliers accept part of the letter of credit that the seller receives from the buyer in export transactions
49
Back to back letter of credit
Buyer makes arrangements with a third bank to make the loan
50
Government assistance programs
-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
General agreement on trade in services
Efforts to remove restrictions on market access to certain industries -address environmental, energy, health, and education concerns
52
Service sector accounts for
75% of us Gdp in private sector
53
Agreements under general agreement on trade in services...
Does NOT apply to citizenship, residency, employment and movement of labor
54
Define trademark
Any word, name, symbol or device or any combination that identifies goods and distinguishes them from those manufactured or sold by others
55
Copyright define
A form of protection provided to authors of original works of authorship fixed in a tangible form of expression
56
Define patent
Inventions that are useful, novel, and non obvious
57
Define trade secrets
Any device or information that is used in a business and gives its owner a competitive advantage
58
Trademark is only protected if
-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
Is registration required for trademark?
No but recommended (10 yrs)
60
Does trademark registration guarantee that you are the first to use?
No
61
Infringement is found if there is confusion to the consumer
K
62
Section 106
Gives copyright owner right to reproduce work in copies, for sale, lending etc
63
Purpose of copyright
To protect creativity
64
Work created after 1978
- 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
Copyright notice needs to be required?
No but recommended
66
First sale copyright
Owners right terminated once copyright work is legally sold
67
Fair use
Small amount of work can be used for news, research, edu etc
68
Patent provides...
Right to exclude others from making, using, or importing the invention for 20 yrs (To promote innovation and sharing of ideas)
69
First to file vs first to invent
Used to be first to invent - Obama changed to first to file AIA - most countries use first to file
70
Non patentable (2)
- Business models | - bio material
71
Doctrine of equivalent
Patent does not to be exact copy of an invention to prove a case.
72
Economic espionage act
Can't sell government or business secrets
73
World intellectual property organization (WIPO)
Un organization
74
Madrid system
Trademark
75
Hague system
Industrial design
76
Lisbon system
Appellation of origins (columbian coffee)
77
Paris convention
Industrial property which gives rights of priority and national treatment
78
Berne/Universal convention
Establishes rights of copyright owner
79
Berlin act
Photographic materials
80
Rome act
Moral rights
81
Brussels act
Movie films
82
Grey market goods
It refers to imports bearing a genuine trademark but imported by a party other than the trademark holders
83
Advantages to transferring intellectual property rights abroad (3)
- avoid costs of exporting - problems with host country's laws - tariffs
84
Due diligence
Licensor: - Must review the host nations approval system - must review registration requirements domestically and in the host nation
85
Tying provisions
Requires the licensee to purchase supplies from the licensor or certified supplier
86
Territorial restrictions
Regulate where licensee may sell goods or service
87
Choice of law
Designate the law of licensor or licensee as the country to resolve disputes
88
Grant provisions
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
Preamble
Includes identification of contracting parties and nature of agreement
90
Recitals
List rights that are being transferred
91
Definitional terms
Clarifies the terms used throughout agreement
92
Channels of distribution
The licensor defines the appropriate avenues for sales for the licensed product
93
Covenant not to compete
The licensees right to compete with licensor is heavily scrutinized
94
Reservation of rights of licensor
The licensor reserves all rights not expressly transferred to licensee
95
Grant back provisions
The licensor attempts to reserve future rights to improvements of goods
96
Indemnification clause
Indemnified for any liability stemming from licensors title or product
97
Validity or no challenge clause
Prohibits the licensee from challenging the validity of exclusiveness of the licensors intellectual property
98
Non partnership clause or independent contractor clause
The licensee is not acting as an agent or partner of the licensor
99
Termination clause
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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