1. Which country’s laws will govern a transaction?
    • -Parties should include that in thier Contract by a  Choice of Law Clause.
    • -If not delegated in the contract they can go by CCSIG Laws if they're one of the 76 Countries who subscribe
  2. Why might Parties in an International legsl dispute choose to Arbitrate?
    It's more cost effective, but countries should elect to find a neutral country to arbitrate because of cultural and legal barriers.
  3. In International Trade what does Conflicting Ideologies pertain to?
    • Countries Culture Ex: In China it is disrespectful not to give your Business Card to someone
    • Way of doing Business Ex: Who pays for shipping and how things are packaged.
  4. What does CISG stand for?
    Contract on Contracts  for the International Sales of Goods
  5. What is the CISG?
    • -Default Rule for International Trade.
    • -It's modeled after the UCC Article #2
    • -77 Subscribers
  6. What are 2 ways exports might be regulated?
    By needing a License and by having a Sanction
  7. What is an Export License?
    • If a product is deemed to be a controlled substance it will  be numbered with a ECCN "Export Classification Code Number" then you would look in the Commerce County Chart to Determine if a license is needed.
    • CONTROL SUBSTANCE=Generally to keep short Supply goods home, National Security, crime control, Anti-terrorism, Missle technology
  8. NEED MORE INFO What are trade SANCTIONS?
    U.N Create Sanctions and if you violate them you get Jail time or a fine
  9. What are Frieght Fowarders?
    Expert in International Trade that are in the Business to handle your Export Transactions. There are experts in the U.S Commerce export License requirements and are well versed in all aspects of Air, Ocean ,and Inland transportaton as well as Insurances needed
  10. U.S Laws Protect what type of Intellectual Property Rights?
    • Counterfeiting of the following
    • 1) Trademark, Logo or Names-

    2) Copyrights"Ownership of Created Productions" Books, Music, and Movies

    3) Patents- rights to make a product for a certain amount of time
  11. What is an Example of a Trademark, Logo, or Name counterfeit.
    Saling FAKE Branded Jeans, Shoes, or Sunglass
  12. What is an Example Copyright Counterfeiting?
    Importing fake Cd's Movies or Computer Software by a person or Company that does not own the right to that production.
  13. What is example of a PATENT counterfeit?
    Importing a peice of machinery into the United States that infringe on a U.S patent.
  14. Which Country will Prosecute you for exporting counterfeit merchandise?
    You could be Prosecuted only when you enter into the Country that your infringing on there Intellectual Property Rights.
  15. What are Gray Market Goods?
    Sometimes U.S Trademark holder may license a foreign business to use its trademark. In the event the foreign made goods made with U.S trademark is brought into the United States by a 3rd party without the Consent of the U.S trademark holder to compete with the Trademark owner. Import is prevented
  16. What is a Tariff?
    Charged Import/Export Tax, which is one of the most common barrier to Trade. Countries usually charge Tariffs in order to  restrict foriegn buy making them more pricier then Domestic, and also to keep Domestic goods in the country and making it pricey to export. You can dispute Tariffs assigned by investigateing if your good was properly assigned
  17. What are the Non Tariff Barriers?
    They are wide range of Barriers that restrict the free movement of goods from on country to another. For Ex: Import quota= Limit on import  quantity, Subsidies, Rigourous inspections, mandatory  warranty on products.
  18. What is  Export Controls as Instruments of Foreign Policies?
    Controls set because of certain politicl reasons  or foreign Policies  such as ban on tradeing with Cuba.
  19. What are the Relief Mechanisms for Economic Injurues cause by Foregn Trade?
    Anti-Dumping Laws and Export Subsidies
  20. What are Anti-Dumping Laws and Export Subsidies?
    • Laws that Prohibit saling foreign goods at a less than fair value under the Uraguay Round Agreement act of 1994 which created the WTO
    • Ex Produce Goods in MX for .50 sale in U.S for $3. when Domestic Producers would cost them $3 to make and the sale for $5
  21. Whats are the reliefs from import injuries?
    If industry was not protected by anti-dumping laws the govt. will give money or training to help for damages in Subsidies
  22. Whats is Retialiation and relief against Foreign Unfair Trade Restriction?
    U.S Exporters may encounter unreasonable, unjustifiable, and descriminatory foreign restriction so under this act they can retaliate EX: other country puts a Tariff on our Product, then we retaliate with a Tariff on there products.
  23. What is the Ominibus Trade and Competitiveness Act, and who can act under this?
    U.S Trade Representative can act under this
Card Set
Business Law