BUL 3320 EXAM 4 QUESTIONS AND ANSWERS

BUL 3320 EXAM 4 QUESTIONS AND ANSWERS Public international law - answer- Rules and norms governing relationships among states and international organizations Private International Law - answer- International rules and standards applying to cross-border commerce International court of justice - answer- a court established to settle disputes between members of the United Nations incoterms rules - answer- A series of three-letter codes used in international contracts for the sale of goods international court of arbitration - answer- A forum for international dispute resolution, run by the ICC Foreign Sovereign Immunities Act - answer- A U.S. statute that provides that American courts generally cannot entertain suits against foreign governments gharar - answer- The Islamic prohibition on risk and deception treaty - answer- An agreement between two or more states that is governed by international law bilateral treaty - answer- a treaty made between two nations convention - answer- a treaty on a specific issue that affects all the participants protocol - answer- an amendment to a treaty General Agreement on Tariffs and Trade (GATT) - answer- a 1948 agreement that established an international forum for negotiating mutual reductions in trade restrictions World Trade Organization - answer- An international organization whose mandate is to lower trade barriers most favored nation - answer- WTO/GATT requires that favors offered to one country must be given to all member nations national treatment - answer- The principle of nondiscrimination between foreigners and locals regional trade agreements - answer- Treaties that reduce trade restrictions and promote common policies among member nations North American Free Trade Agreement (NAFTA) - answer- A treaty that reduced trade barriers among Canada, the United States, and Mexico customary international law - answer- International rules that have become binding through a pattern of consistent, longstanding behavior Jus Cogens - answer- When rule of customary international law becomes a fundamental legal principle across all nations, it cannot be changed by custom or practice Extraterritoriality - answer- The power of one country's laws to reach activities outside of its borders foreign recognition - answer- Means that a foreign judgment has legal validity in another country foreign enforcement - answer- Means that the court system of a country will assist in enforcing or collecting on the verdict awarded by a foreign court arbitration - answer- A binding process of resolving legal disputes by submitting them to a neutral third party flow through tax entity - answer- An organization that does not pay income tax on its profits but instead passes them through to its owners who pay personal income tax on all business profits close corporation - answer- A corporation with a small number of shareholders whose stock is not publicly traded and whose shareholders play an active role in management. It is entitled to special treatment under some state law social enterprises - answer- These organizations pledge to behave in a socially responsible manner even as they pursue profits. Franchise Disclosure Document (FDD) - answer- A disclosure document that a franchisor must deliver to a potential purchaser. copyright - answer- 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. First Sale Doctrine - answer- permits a person who owns a lawfully made copy of a copyrighted work to sell or otherwise dispose of the copy fair use doctrine - answer- Permits limited use of copyrighted material without permission of the author for purposes such as criticism, comment, news reporting, scholarship, or research Digital Millenium Act - answer- illegal to copyright information online trademark - answer- Any combination of words and symbols that a business uses to identify its products or services and distinguish them from others