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Level 20

Law of Business Transactions


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Quaranta
40 days in italian, comes from Venice, Italy. This is where we get the word quarantine. Venice, Italy made boats stay in Harbor for 40 days ( rat life cycle) to attempt to stop…
Trade
Make here, Export there. Buy and Sell goods and Services.
International Licensing
Let someone international sell using your intellectual property, etc. to make.
FDI and the forms of
Foreign Direct Investment. Means to you go to an international location, set up and start running your business.
Exporting
Produced in the home country and sent to another country.
Importing
Bought from another country and brought into your home country.
tariff
indirect and regressive federal tax on imported goods
Non-Tariff Barries
Quotas- Numerical limit on amount of imported goods.
Export- Import Bank
Gives small business global access. For a fee they will arrange meetings with potential international buyers, sellers and suppliers. More than 50% of the goods must be US parts and labor.
Absolute Advantage
Absolute control over goods/services that none can compete with.
Comparative Advantage
The reason people trade. You can make it but someone else can make it better, cheaper, and faster.
Landed Price
Price of goods + Shipping + Tariffs = Landed Price (what the consumer pays)
Reasons for Imposing Tariffs
Revenue collection, protection of domestic industry, retaliation against another country, political control, protection of IP, environment.
Common Market
Free trade area for goods, common policies on regulation, and free movements of money and people.
Customs Union
Free trade area with common external tariffs.
Single Market
Free trade area with common external tariff and free movement of goods, but trade barriers have been reduced ideally to zero.
Trade Diversion
A harm of trade.
Protectionism
The theory or practice of shielding a country's domestic industries from foreign competition by taxing imports.
Guanxi
The Chinese concept of relationship building when doing business. Relationships are very important here. It is common to go out to eat first before doing business.
Blat
Russian. A gift or a bribe if you want something to get done.
Krysha
Russian. Literally means the roof. Figuratively means protection money for organized crime.
Zaibatsu
Before WW2, Family controlled business groups in Japan.
Keiretsu
How businesses operate now. Interlocking directors/ officers/ owners, usually tied to a common bank in Japan.
Chaebol
Family controlled business groups in South Korea
Customers Brokers and their Roles
They deal with both the legal and cultural aspect of trade.
What is International law?
A rule that has been accepted as such by the international community.
Public International Law and Sources
Involves relationships between countries and applies "norms regarded as binding on all members of the international community"
Private International Law
Deals with the rights and responsibilities of private individuals or corporations operating internationally affecting one nations laws, that affect people outside of the country.
Treaties
Agreement between or among independent nations; need 2/3 vote
Bilateral and Multilateral Treaties
Bilateral- 2 party treaties
Vienna Convention
Codified in 1980, the customary law regarding treaties.
Self-Executing
All details are present in the original treaty to make it work.
Non-Self Executing Treaties
Details are missing so congress action must be taken before it becomes law.
Jus Gentium
Latin for the "Law of Nations". "United Nations"
Jus Inter Gentes
Latin for "agreements among nations".
Just Cogens
Latin for "international norms". Example, waving the white flag means surrender.
Pacta Sunt Servanda
Latin for the "pact must be respected".
Ultra Vires
Latin for "beyond the powers". Means that the head of state acted without proper domestic authority to enter into the treaty.
Reservation
A change to a treaty must be made at the time of the original treaty.
Protocol
An amendment made after a treaty
Adoption
Formal entry into a treaty
Parties
Individual nations that signed on to the treaty
International Criminal Court
Created by the treaty of Rome in 1960 in the Hague, Netherlands. It has authority to hear three cases, genocide, crimes against humanity and genocide.
International Court of Justice/ World Court
Based in the Hague, Netherlands. Only states can be parties, and they must accept the courts jurisdiction.
Comity
Willingness of one court or government to respect the rules and laws of another country.
Mutual Legal Assistance Treaties and Extradition
MLAT treaties are agreements for law enforcement cooperation.
United Nations Security Council
Violations of international treaties can be enforced by who?
Equal Dignity Rule
Law that is passed by our legislature and a treaty created by the government have equal dignity. If there is a conflict, the most recent prevails.
Treaties of FCN
Friendship, commerce and navigation
Executive Agreements
International agreements between the president and a foreign country, entered into without resort to the treaty process.
Preemption
displacement of u.s state law by u.s federal law based upon the supremecy clause.
Which Federal agencies affect trade?
Dept. of Commerce, Dept. of Homeland Security, Dept. of Treasury, International trade commission, secretary of state, US court of international trade
US Court of International Trade
hears trade and tariff law cases
Doha Agenda
Current trade-negotiation round of the World Trade Organization (WTO) which commenced in November 2001 .
HTSUS
Harmonized tariff schedule of US
MFN=NTR
Historically meant most favorite nation, now it means normal trade relations.
Jackson-Vanick amendment
denies NTR to any non-market economy that denies citizens a right to emigrate. The only ones right now are North Korea and Cuba
ITO-GATT-WTO
the world trade Organization (WTO) is the ONLY global international Organization dealing with the rules of trade between nations
Intellectual property
copyrights, trademarks and patents
1970
Patent Cooperation Treaty
WIPO and core tasks
World intellectual property organization, specialized agency of the UN. Established in 1967, headquartered in Geneva, Switzerland
Madrid Protocol
centralized filing for trademarks, WIPO enforced, US signed in 2002.
Berne Convention
-deals with copyrights, Protection of Literary and Artistic Works
TRIPS???
Trade related intellectual property
Basic 301
USTR against a foreign country, may be imposed when the USTR finds unreasonable discrimination that burdens or restricts US trade
Carousel Law
US trade and development act of 2000. the TDA amends section 301 by requiring USTR to periodically review list of products, subject to retaliatory action and revise them every 180 days.
Special 301
used by USTR against countries that fail to protect american intellectual property.
telecommunications 301
mandatory retaliation against countries who block access to markets by US telecom companies
Super 301
USTR identifies priority trade practices which pose barrier to US trade
Lex Mercatoria
the law of merchants
Montesquieu
Father of comparative law ( 1689-1755)
De l'esprit des lois
The Spirit of the Laws
Types of legal systems
common law, civil law, religious law, mixed systems
Common Law
traditional unwritten law from England
Civil Law
Law dealing with rights & duties of individuals among themselves
Religious law
as a group, guided by one mean principal
sharia law
biggest religious law systems
Holy Qur'an and sunna (conservative)
two primary sources of Sharia law
Consensus, and analogy (liberal)
two interpretive sources of Sharia law
Mu'amalat
sharia law for TRANSACTIONS AND CONTRACTS
Riba
-treatment of interest in sharia law under Mu'amalat
Murabaha
-how you can have a "CREDIT SALE" without interest in sharia law.
Takaful
INSURANCE, since Sharia prohibits gambling and interest.
Zakat
SOCIAL RESPONSIBILITY in Sharia, obligation to donate a share of income to charity or a worthy cause.
ghahar
means fish still in the sea
Halakha
orthodox and conservative jewish communities-although not adopted by any nation
canon law
human law inspired by the word of God.
Hindu Law
-part of the law of India ( 1950)
Dharmasastra
literally translates to "treatise on legal duties"
Customary Law
Laws unique to a region and has strong cultural ties, over time, they may be codified
Bretton Woods
Created the international Monetary Fund
IMF
Loans money to governments in financial trouble. members can contribute and borrow when needed. works like a credit union. since a lot of problems were stemming from financial problems, they thought this would help to prevent war.
SDR
Special Drawing Right.
Which 4 currencies define the SDR?
US dollar, euro, Japanese Yen and british pound
Hard Currency
Globally traded currency, easily conveyed, and stable.
Soft Currency
Difficult to exchange, rapidly changes, unstable, may be impossible or very hard to get converted.
The World Bank
its actually not a bank, but a international charitable organization used to eliminate poverty.
Copyright
the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same
Trademark
a symbol, word, or words legally registered or established by use as representing a company or product.
Patent
a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.