MIDTERMS Flashcards
(50 cards)
the body of rules and principles of action which are binding
upon civilized states in their relationship with one another and those between
international organizations and states, among the international organizations
themselves, as well as states or international organizations and natural and judicial
persons, such as the law governing human rights.
International Law
principles, rules, and standards that govern nations and other
participants in international affairs in their relations with one another.
International Law
4 principles of international law
reciprocity, comity,
independence, and equity
refers to the buying and selling of goods and services
between countries.
International Trade
flowing into a country from
abroad.
Imports
flowing out of a country and sold overseas.
Exports
an economic transaction that is made between countries.
International trade
What are the 4 advantages of international trade?
- Trading globally gives consumers and countries the opportunity to be exposed to
goods and services not available in their own countries, or which would be more
expensive domestically. - Helps Maintain lower price of goods
- Increase Economic Growth
- Promotes good relationship between States
What are the 3 disadvantages of international trade?
- Third world countries are at disadvantage situation
- Local products are at risk
- Does not help small business
The term usually indicates a technical or administrative legal instrument
dealing with economic, cultural, scientific, and technical issues. It is also used to
denote a regional legal instrument that is part of the implementing framework under a larger
treaty.
AGREEMENT
The principle by which the courts of one jurisdiction may consent to the laws or
decisions of another.
COMITY
The term is used interchangeably with treaty, but it can also have a specific meaning as a
treaty binding a broad number of nations.
CONVENTION
An agreement that creates stable and transparent trading by reducing country barriers to U.S.
exports. Enabling access to these foreign markets make it easier and cheaper for U.S.
companies to export products.
FREE TRADE AGREEMENTS
Also sometimes referred to as the World Court. It is the primary judicial branch of the United
Nations.
INTERNATIONAL COURT OF JUSTICE
Universal peremptory norms, while not defined in any treaty, include those “higher laws” which
no country may disregard.
JUS COGENS
A ________ to a treaty can clarifies terms, add additional text as amendments, and establish
new obligations. These new obligations can be quantitative targets for nations to achieve.
PROTOCOL
The formal acceptance of the rights and obligations of a treaty.
RATIFICATION
A party that has signed an agreement.
SIGNATORY
A duty (or tax) levied upon goods transported from one Customs area to another, for either
protective or revenue purposes.
TARIFF
Also known as trade pact, this is a wide-ranging tax, tariff and trade treaty that often includes
investment guarantees.
TRADE AGREEMENT
A formal agreement entered into by two or more nations.
TREATY
Governs the relationships between and among states and also their
relations with international organizations and individual persons.
Public International Law
composed of the laws, rules, and principles of general
application that deal with the conduct of nation states and international organizations
among themselves as well as the relationships between nation states and international
organizations with persons, whether natural or juridical.
Public International Law
Laws of the country deal with internal affairs of a country.
municipal laws
