Core international business law concepts, such as trade agreements and cross-border contract basics, from an intro business law course.
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- What is the World Trade Organization (WTO)?
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An international organization that regulates trade between nations and administers trade agreements.- What does GATT stand for?
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General Agreement on Tariffs and Trade.- What is a tariff?
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A tax imposed on imported or exported goods.- What is a non-tariff barrier to trade?
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A restriction on trade that is not a tariff, such as quotas, licensing requirements, or technical standards.- What is the most-favored-nation (MFN) principle?
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A rule requiring that any benefit granted to one trading partner must also be granted to all other trading partners.- What is a bilateral trade agreement?
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A trade agreement between two countries.- What is a regional trade agreement?
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A trade agreement among multiple countries in a geographic region to reduce trade barriers among themselves.- What is dumping in international trade?
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Selling goods in a foreign market at a price lower than the cost of production or lower than the domestic price.- What is a letter of credit?
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A bank document promising payment on behalf of a buyer when the seller meets specified conditions.- What is a bill of lading?
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A document issued by a carrier acknowledging receipt of cargo and serving as evidence of the contract of carriage.- What are Incoterms?
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International commercial terms that define the responsibilities of buyers and sellers in delivering goods.- What does FOB mean in Incoterms?
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Free On Board: the seller delivers goods to a ship, and the buyer assumes risk and cost from that point.- What does CIF mean in Incoterms?
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Cost, Insurance, and Freight: the seller pays for transportation and insurance to the destination port.- What is a choice of law clause?
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A provision specifying which country's or state's laws will govern the contract's interpretation and enforcement.- What is a choice of forum clause?
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A provision specifying where disputes will be resolved, such as a particular court or arbitration location.
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