Business Law Vocabulary Questions With Solutions
Explained.
What is international public law? - accurate answers-It regulates relationships
between states, international organizations, and private actors.
What is national public law? - accurate answers-It regulates relationships
between government and private actors in domestic matters.
What is national private law? - accurate answers-It governs relations between
citizens or companies (e.g. contract, IP, company law).
What is international private law (IPL)? - accurate answers-The application of
private law in international relations.
What is the direct effect of international law? - accurate answers-International
law confers enforceable rights directly in national courts without domestic
legislation.
What is international business law? - accurate answers-Laws governing
commercial transactions and business activities across national borders.
What are the sources of International Business Law (IBL)? - accurate answers-
Treaties, Customary Law, Decisions of IOs, Soft Law.
What are the two types of treaties? - accurate answers-Traité-convention
(technical rules) and traité-loi (broad principles).
Who are the players in IBL? - accurate answers-States, International
Organizations, NGOs, Businesses.
How do NGOs influence IBL? - accurate answers-By lobbying and informal
rule-making.
How do businesses make rules in IBL? - accurate answers-By defining contract
terms under private law.
, What are trade barriers? - accurate answers-Measures like tariffs, quotas,
subsidies, or non-tariff rules to restrict imports and protect domestic
industries.
What are the effects of trade barriers? - accurate answers-Protect
jobs/industries but cause higher prices and inefficiencies.
What are Free Trade Agreements (FTAs)? - accurate answers-Agreements to
reduce/eliminate trade barriers and promote economic growth.
What is GATT? - accurate answers-1947 agreement to reduce tariffs and
promote free trade in goods.
What is the WTO? - accurate answers-Global organization (1994) integrating
GATT+, GATS, and TRIPS.
What are the basic principles of GATT? - accurate answers-Non-
discrimination (MFN & NT), tariff-only barriers, allowed exceptions.
What is dumping? - accurate answers-Selling below market value to harm
domestic industry; not banned but measures are allowed.
What is GATS? - accurate answers-General Agreement on Trade in Services,
applying GATT principles to services.
What is the Dispute Settlement Body (DSU)? - accurate answers-WTO system
for resolving disputes between governments.
What are the EU institutions relevant to trade? - accurate answers-Council,
Parliament, Commission, Court of Justice.
What is the decentralized model of the EU common market? - accurate
answers-National laws allowed if they don't hinder market access.
What is the centralized model of EU law? - accurate answers-Establishes
uniform standards to correct market failures.
What is EU competition law? - accurate answers-Rules to prevent anti-
competitive behavior and promote fair market conditions.
Explained.
What is international public law? - accurate answers-It regulates relationships
between states, international organizations, and private actors.
What is national public law? - accurate answers-It regulates relationships
between government and private actors in domestic matters.
What is national private law? - accurate answers-It governs relations between
citizens or companies (e.g. contract, IP, company law).
What is international private law (IPL)? - accurate answers-The application of
private law in international relations.
What is the direct effect of international law? - accurate answers-International
law confers enforceable rights directly in national courts without domestic
legislation.
What is international business law? - accurate answers-Laws governing
commercial transactions and business activities across national borders.
What are the sources of International Business Law (IBL)? - accurate answers-
Treaties, Customary Law, Decisions of IOs, Soft Law.
What are the two types of treaties? - accurate answers-Traité-convention
(technical rules) and traité-loi (broad principles).
Who are the players in IBL? - accurate answers-States, International
Organizations, NGOs, Businesses.
How do NGOs influence IBL? - accurate answers-By lobbying and informal
rule-making.
How do businesses make rules in IBL? - accurate answers-By defining contract
terms under private law.
, What are trade barriers? - accurate answers-Measures like tariffs, quotas,
subsidies, or non-tariff rules to restrict imports and protect domestic
industries.
What are the effects of trade barriers? - accurate answers-Protect
jobs/industries but cause higher prices and inefficiencies.
What are Free Trade Agreements (FTAs)? - accurate answers-Agreements to
reduce/eliminate trade barriers and promote economic growth.
What is GATT? - accurate answers-1947 agreement to reduce tariffs and
promote free trade in goods.
What is the WTO? - accurate answers-Global organization (1994) integrating
GATT+, GATS, and TRIPS.
What are the basic principles of GATT? - accurate answers-Non-
discrimination (MFN & NT), tariff-only barriers, allowed exceptions.
What is dumping? - accurate answers-Selling below market value to harm
domestic industry; not banned but measures are allowed.
What is GATS? - accurate answers-General Agreement on Trade in Services,
applying GATT principles to services.
What is the Dispute Settlement Body (DSU)? - accurate answers-WTO system
for resolving disputes between governments.
What are the EU institutions relevant to trade? - accurate answers-Council,
Parliament, Commission, Court of Justice.
What is the decentralized model of the EU common market? - accurate
answers-National laws allowed if they don't hinder market access.
What is the centralized model of EU law? - accurate answers-Establishes
uniform standards to correct market failures.
What is EU competition law? - accurate answers-Rules to prevent anti-
competitive behavior and promote fair market conditions.
