Exam 23: B: International Law in a Global Economy

Dumping is the sale of imported goods at "greater than fair value."

When a nation moves from a state-controlled economy toward free enterprise,it must develop a new set of business laws.If you could start from scratch,what kind of business law system would you adopt-a civil law system or a common law system? What factors should be considered in deciding the business regulations to impose?

An international custom is a general practice accepted in the international arena as law.

Wang Ltd. ,a Chinese firm,imports its goods into the United States and offers those goods for sale at "less than fair value." This is

Restrictions on imports may include tariffs.

Simpatico Business,Inc. ,a U.S.firm,expands into international markets through a joint venture.In the venture,Simpatico shares

A foreign state is immune from the jurisdiction of U.S.courts as long as the state is involved in commercial activity in the United States.

Significant business develops in Mexico for Natural Beauty Cosmetics,Inc. ,a U.S.firm.Natural Beauty appoints Ojos,Ltd. ,a Mexican firm,to act as Natural Beauty's marketing representative in Mexico.This is

Business Abroad,Inc. ,a U.S.firm,obtains a judgment in a U.S.court against Quang Tri,Ltd. ,a Vietnamese business.Whether the court's judgment will be enforced by a court in Vietnam depends on the Vietnamese court's application of

International Diversified Corporation (IDC)owns assets in Tagistan,a new country in Asia.The gov?ernment of Tagistan wants to nationalize all assets owned by foreign firms and investors.What can IDC do? Can it at least obtain payment for the assets?

International law is a body of law that governs relations among nations.

Firms overseas have almost total legal protection against government acts in the countries in which they operate,under the act of state doctrine.

Diners Corporation,a U.S.firm,signs a contract with Essen,A,G. ,a German firm,to give Essen the right to use Diners' trademark in restau?rants in Germany.This is

Confiscating property without compensation does not normally violate principles of international law.

Nick,or Nora,or any U.S.citizen,can bring a civil suit in a U.S.court against a foreign entity

The Association of Southeast Asian Nations is a regional trade associa?tion that was created through

Restrictions on imports may include quotas.

The chief aim of the European Union and other trade organizations is to minimize trade barriers among their members.

The United States taxes each barrel of imported oil at a flat rate.This is

Yokima,Ltd. ,and Zenota,S.A. ,transact an international sale of goods.For these parties,and other international buyers and sellers,the United Nations Convention on Contracts for the International Sale of Goods spells out the duties that apply