BUSINESS LAW CH 8
Terms
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- ACT OF STATE DOCTRINE
- A rule requiring American courts to abstain from cases if a court order would interfere with the ability of the President or Congress to conduct foreign policy.
- BILL OF LADING
- A receipt for goods that minutely describes the merchandise being shipped.
- CLASSIFICATION
- The process by which the Customs Service decides what label to attach to imported merchandise, and therefore what level of tariff to impose.
- COMITY
- A doctrine that requires a court to abstain from hearing a case out of respect for another court that also has jurisdiction.
- CONFISCATION
- EXPROPRIATION without adequate compensation of property owned by foreigners.
- DUMPING
- Selling merchandise at one price in the domestic market and at a cheaper, unfair price in an international market.
- DUTY
- A tax imposed on imported items.
- EXPROPRIATION
- A government's seizure of property or companies owned by foreigners.
- FOREIGN SOVEREIGN IMMUNITY ACT
- A federal statute that protects other nations from suit in courts of the United States, except under specified circumstances.
- General Agreement on Tariffs and Trade GATT
- INTERNATIONAL TREATY NEGOTIATED TO ELIMINATE TRADE BARRIERS AND BOLSTER COMMERCE.
- GOODS
- Anything movable, except for money, securities, and certain legal rights.
- IMPORT
- To transport goods or services into a country.
- LETTER OF CREDIT
- A commercial device used to guarantee payment in international trade, usually between parties that have not previously worked together.
- MULTINATIONAL ENTERPRISE
- A corporation that is doing business in more than one country simultaneously.
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North American Free Trade Agreement
NAFTA - A commercial association among Canada, the United States, and Mexico designed to eliminate almost all trade barriers.
- NATIONALIZATION
- A government's seizure of property or companies.
- SIGNATORY
- A person, company, or nation that has signed a legal document, such as a contract, agreement, or treaty.
- SOVEREIGN IMMUNITY
- The right of a national government to be free of lawsuits brought in foreign courts.
- TARIFF
- A duty imposed on imported goods by the government of the importing nations.
- VALUATION
- A process by which the Customs Service determines the fair value of goods being imported, for purposes of imposing a duty.