Exam 8: International Law

Ad valorem duty is based on the fair market value of the imported good as of the date it reaches the United States,not the price actually paid for the good when sold for export to the United States.

Under European Union law,any agreement,contract,or discussion that distorts competition within European Union countries is illegal.

What is a major difference between a United States lawsuit versus a French lawsuit?

If the United States sets a limit on the number of cars that can be imported,this action is a form of tariff.

MagNet,a small United States computer company,started doing business in a foreign country.The foreign country later decided to take over all computer industry,including MagNet's operation.The foreign country paid MagNet inadequate compensation in United States dollars.The foreign country's action is:

If a federal appellate court rules that imported Halloween costumes in question in a case are festive articles rather than fancy-dress garments,the classification of goods is significant because the:

The country that traded the most goods with the United States,as of 2007 figures,was:

NAFTA,with the principal goal of eliminating almost all tariff and nontariff trade barriers between the United States,Canada,and Mexico,has nevertheless failed to appreciably increase trade between the three member nations since the agreement was entered in 1993.

As of 2007 data, the top five nations that trade the most goods with the United States, in order of percentage of total trade are China, Canada, Mexico, Japan, and Brazil.

The United States may impose a tariff on:

The primary antitrust law in the United States is the:

A potential buyer in Venezuela contacts your company to order materials to manufacture military weaponry and to order a quantity of a relatively rare natural resource available in your locale.Your ability to legally respond to the request will be influenced by the:

The primary goal of the North American Free Trade Agreement (NAFTA)is to:

Don is considering selling goods to a foreign retailer.Don needs to consider:

Hardhat Machine Company sold goods to Irish Eyes Company of Northern Ireland.Big Bank issued a letter of credit on behalf of Irish Eyes and the letter was given to Hardhat. -The documents required by the letter of credit are presented to the bank for payment while the goods are still in transit.Is Hardhat entitled to be paid?

Yount,Inc.is interested in expanding its business to include exporting its products to several other countries.Discuss two federal statutes that should be considered before making the decision to export.

Explain the origin and purpose of the World Trade Organization.

MagNet is a U.S.company based in Utah.It is negotiating to sell $4 million worth of computer goods to a French company,L'la.MagNet's attorney suggests that payment be by a letter of credit.What is a letter of credit and why does MagNet's attorney recommend payment by letter of credit?

The presidents of Oxtron,Inc.,a U.S.company,and Dunka,Inc.a German company,met in Munich,Germany.Oxtron and Dunka are direct competitors in over-the-counter medicines.The presidents agree to fix prices on their major products.This agreement may violate U.S.antitrust law even though the agreement was made in Germany.

The two principal requirements of the Foreign Corrupt Practices Act involve bribes and grease payments.