Core international business law concepts, such as trade agreements and cross-border contract basics, from an intro business law course.
30 cards · basic cards · AI-written, checked twice. Edit anything.
- What is the World Trade Organization (WTO)?
- An international organization that regulates trade between nations and administers trade agreements.
- What does GATT stand for?
- General Agreement on Tariffs and Trade.
- What is a tariff?
- A tax imposed on imported or exported goods.
- What is a non-tariff barrier to trade?
- 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?
- 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?
- A trade agreement between two countries.
- What is a regional trade agreement?
- A trade agreement among multiple countries in a geographic region to reduce trade barriers among themselves.
- What is dumping in international trade?
- 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?
- A bank document promising payment on behalf of a buyer when the seller meets specified conditions.
- What is a bill of lading?
- A document issued by a carrier acknowledging receipt of cargo and serving as evidence of the contract of carriage.
- What are Incoterms?
- International commercial terms that define the responsibilities of buyers and sellers in delivering goods.
- What does FOB mean in Incoterms?
- 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?
- Cost, Insurance, and Freight: the seller pays for transportation and insurance to the destination port.
- What is a choice of law clause?
- 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?
- A provision specifying where disputes will be resolved, such as a particular court or arbitration location.
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