International Trae Basics
What is a tariff?
A tax placed on imported goods.
What is international law?
Rules governing interactions between nations.
What is a contract?
A legally enforceable agreement between two or more parties.
What is a bilateral contract?
A contract with promises exchanged between two parties.
What is an e-contract?
A contract formed electronically.
What is the purpose of the World Trade Organization (WTO)?
To promote fair and open international trade.
What is a treaty?
A formal agreement between two or more nations.
List the 4 essential elements of a contract.
Agreement, consideration, capacity, and legality
What is unilateral contract?
What is a "clickwrap agreement"?
A contract is accepted by clicking "I agree".
Define "import."
Goods or services brought into a country from abroad.
What is the "Foreign Corrupt Practices Act" (FCPA)?
A U.S. law prohibiting bribery of foreign officials.
What is an offer?
A proposal made with the intent to enter a contract.
What is an electronic signature?
A digital indication of agreement to a contract.
What is a trade embargo?
A government ban on trade with a specific country.
What is an export license used for?
Government permission to export restricted products.
What is consideration?
Something of value is exchanged between parties.
What is the difference between bilateral and multilateral trade agreements?
Bilateral involves two countries; multilateral involves three or more.
What is "sovereign immunity"?
Protection that prevents foreign governments from being sued in U.S. courts.]\
What makes a contract unenforceable?
Missing legal elements or violating the law.