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Legal Business 1 > Ch 12 > Flashcards

Ch 12 Flashcards

0
Q

Congress enacted the foreign corrupt practices act (FCPA) 1977

A

Law intended to stop bribery of foreign officials

Prevent US citizens and companies from making payments
To foreign officials whose duties are not essentially
ministerial or clerical for purpose of obtaining business

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1
Q

Risks involved In international trade

A 
1 validity of contract law
2 property rights
3 protection of intellectual property
4 language barriers
5 political instability
6 export and import limitations
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2
Q

Amended FCPA limits criminal liability for…

A

Violations of accounting standards for those who knowingly

Circumvent accounting controls or falsify financial records

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3
Q

FCPA: Payment of bribe

A

Results in jail time

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4
Q

Creeping expropriation

A

Series of acts, (taxes, regulation or other changes in law)
That have expropriatory effect reducing or eliminating
Foreign investments

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5
Q

Expropriation (used in context of international law)

A

Seizure of foreign owned property by government

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6
Q

Nationalization

A

Government assumes ownership of property

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7
Q

Export controls

A

Controls placed on US strategic products and technology
Abroad

International trade risk

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8
Q

Landmark case Paquette Habana (1900),

A

US Supremecourt held international law is par of our law

International law must be ascertained and administered by
Courts of justice of appropriate jurisdiction

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9
Q

Public international law

A

Examines relationships between nations

and uses rules That are binding on all countries in the
international community

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10
Q

Private international law

A

Examines relationships created by commercial transactions

Utilizes international agreements, as well as laws of nations
To resolve business disputes

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11
Q

International Court of Justice (ICJ)

A

Traditional place for ascertaining what is public international
Law

Judicial branch of UN, consists of 15 judges representing
All the world’s major legal systems

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12
Q

Decisions made by ICJ, the World Court don’t create…

A

Binding rules of law or precedent in future cases

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13
Q

United Nations

A

Almost every country is a member

Goal is to prevent war

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14
Q

International monetary fund (IMF)

A

Encourages international trade by maintaining stable
Foreign exchange rates

Works closely with commercial banks to promote orderly
Exchange policies with members

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15
Q

World bank

A

Promotes economic development in poor countries by

Making loans to finance development projects/programs

16
Q

General Agreement on Tariffs and Trade (GATT)

A

After WW2, originally signed by 23 countries

Reduced tariffs and promoted free trade

17
Q

World Trade Organization (WTO)

A

Umbrella organization that regulates world trade

18
Q

3 core principles Of GATT

A

1 nondiscrimination

2 national treatment

3 elimination of trade barriers

19
Q

GATT: non discrimination

A

Treating all member countries equally with respect to

Trade

20
Q

GATT: National Treatment

A

Countries not favoring their domestic products over

imported products

21
Q

WTO: Agreement on Trade Related Aspects of Intellectual Property Rights (TRIPS)

A

Strengthens protection of intellectual property rights internationally

22
Q

European Union’s mission, 5 things

A

1 provide peace, prosperity, stability
2 overcome divisions on the continent
3 ensure people’s safety
4 promote balanced economic and social development
5 meet challenges of globalization and preserve diversity
Of people’s of Europe

23
Q

Convention on the International Sale of Goods (CISG)

A

Outlines standard international practices for sale of goods

Looks at contract law for international commercial sale of
Goods

More lenient than US

24
Q

North American Free Trade Agreement (NAFTA) 1993

A

Eliminated tariffs and trade barriers between United States,
Mexico and Canada

Has settlement mechanism to resolve trade disputed

Protects labor rights in Mexico

25
Q

Central American Dominican Republic Free Trade Agreement (CAFTA-DR) 2005

A

Opened up trade barriers between the United States,

Dominican Republic and Central American Countries

26
Q

Irrevocable letter of credit

A

Used to ensure payment on foreign sales

The buyer obtains a commitment from the bank to advance
A specified amount upon receipt of goods from carrier

27
Q

Bill of lading (foreign sales)

A

From carrier states the goods have been shipped

28
Q

License or franchise contract

A

Typical method for controlling transfers of information

Allows international business to enter foreign market
Without any direct foreign investment

29
Q

Why is a Foreign subsidiary created in a foreign country?

A

Most countries permit foreign firm to conduct business
Only if a national (individual or firm) of host country is
Designated as its legal representative

This results in high fees, foreign subsidiary created
In host country to avoid high fees

30
Q

Creation of foreign subsidiary (SA or AG) subjects domestic parent to risks

A

Subjects parent company to foreign law and foreign courts

31
Q

Joint ventures

A 
Allow host countries to participate and get a large share of
The profits (often the local partner gets a majority stake)

Decrease risk of foreign domination of local industry

32
Q

Alien Tort Claims Act (ATCA) 1789

A

Grants jurisdiction to US federal district courts over any
Civil action by alien for tort only

Committed in violation of law of nations or treaty of US

33
Q

Doctrine of Sovereign immunity

A

Foreign sovereign is immune from suit in United States

Based on status as a state

34
Q

Congress enacted Foreign Sovereign Immunity Act (FSIA) 1976

A

Codifies restrictive theory

Rejects immunity for commercial acts in US or having direct
Effects in this country

35
Q

Sovereignty

A

Supreme, absolute and uncontrollable power by which

Any state is governed

36
Q

Advantages to international arbitration 2

A

1 avoid publicity

2 easier for parties to understand than litigating in foreign
Court

37
Q

The world intellectual property organization: arbitration and mediation center

A

Hears cases involving domain name disputes and

cybersquatting

Legal Business 1 (25 decks)

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