Acc 305 Final Exam

Front 1

International Law

Back 1

laws govering relations among nations

Front 2

National Law

Back 2

laws of a particular nation

Front 3

Comity

Back 3

one nation defers and gives effect to laws of another nation

Front 4

Act of State Doctrine

Back 4

judical branch of one government will not examine validity of public acts committed by foreign government

Front 5

Expropriation

Back 5

government seizure of privately owned business or personal property without public purpose OR an award of compensation

Front 6

Sovereign immunity

Back 6

doctrine that immunizes foreign nations from jurisdiction of US courts

Front 7

International Business Opportunities

Back 7

1.) Exporting
2.) Manufacturing
3.) Franchising
4.) Investing in Subsidiary or Joint venture

Front 8

Choice-of-language clause

Back 8

designates offical language of interpretation of contract

Front 9

Forum-Selection clause

Back 9

designates jurisdiction of contract

Front 10

Choice-of-law clause

Back 10

designates what law will govern

Front 11

Quota

Back 11

a set limit on the amount of goods that can be imported

Front 12

Tariff

Back 12

a tax on imported goods

Front 13

Dumping

Back 13

selling goods in a foreign country for less than market price in that country

Front 14

Contract

Back 14

*an agreement that can be enforced by 2 or more people
Formed by:
-two oe more parties
-who agree, for consideration
-to perform or to refrain from performing some legal act noe or in the future

Front 15

Agreement

Back 15

includes an offer and an acceptance

Front 16

Consideration

Back 16

something of value received or promised to convince a person to make a deal

*any promises made by parties must be supported by legally sufficient and bargained-for-consideration

Elements:
1.) legally sufficient value
2.) bargained-for-exchange

Front 17

Requirements of a contract

Back 17

1.) Agreement
2.) Consideration
3.) Contractual Capacity
4.) Legality

Front 18

Offer

Back 18

promise or commitment to perform or refrain from performing act in the future

Elements:
1.) must be serious
2.) resonably certain
3.) must be communicated to the offeree

Front 19

Revocation

Back 19

withdrawing offer by express statement or performance of inconsistent acts

Front 20

Mirror Image Rule

Back 20

acceptance must match offer exactly

Front 21

Bilateral contract

Back 21

a promise for a promise

Front 22

Unilateral contract

Back 22

a promise for an act

Front 23

Express contract

Back 23

formed by words

Front 24

Implied-in-fact contract

Back 24

formed at least in part by the paries conduct
*contracts in regards to real estate must be in writing

Front 25

Quasi contacts

Back 25

contacts imposed on parties by courts as if the parties entered in

Front 26

Intended beneficiary

Back 26

the peron for whose benefit the contract is created

*can sue promisers directly when their rights have been vested

Front 27

Incidental beneficiary

Back 27

3rd party who indirectly benefits from a contract

*have no rights to benefits recieved, no standing to sue

Front 28

Rescission

Back 28

action to undo/cancel a contract

Front 29

Compensatory damages

Back 29

covers direct losses and costs

Front 30

Consequential damages

Back 30

covers indirect and foreseeable losses
*damages that flow from the consequence of the breach

Front 31

Punitive damages

Back 31

to punish and defer wrongdoing

Front 32

Nominal damages

Back 32

recognizes wrongdoing when no monetary loss is shown
*damages that are small amount

Front 33

Liquidated damages

Back 33

provision in a contract that specifies a certain $ amount is to be paid in the vent of the future default or breach of contract