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20 Cards in this Set
- Front
- Back
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ACT OF STATE DOCTRINE
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A rule requiring American courts to abstain from cases if a court order would interfere with the ability of the President or Congress to conduct foreign policy.
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BILL OF LADING
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A receipt for goods that minutely describes the merchandise being shipped.
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CLASSIFICATION
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The process by which the Customs Service decides what label to attach to imported merchandise, and therefore what level of tariff to impose.
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COMITY
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A doctrine that requires a court to abstain from hearing a case out of respect for another court that also has jurisdiction.
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CONFISCATION
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EXPROPRIATION without adequate compensation of property owned by foreigners.
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DUMPING
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Selling merchandise at one price in the domestic market and at a cheaper, unfair price in an international market.
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DUTY
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A tax imposed on imported items.
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EXPROPRIATION
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A government's seizure of property or companies owned by foreigners.
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FOREIGN SOVEREIGN IMMUNITY ACT
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A federal statute that protects other nations from suit in courts of the United States, except under specified circumstances.
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General Agreement on Tariffs and Trade GATT
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INTERNATIONAL TREATY NEGOTIATED TO ELIMINATE TRADE BARRIERS AND BOLSTER COMMERCE.
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GOODS
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Anything movable, except for money, securities, and certain legal rights.
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IMPORT
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To transport goods or services into a country.
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LETTER OF CREDIT
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A commercial device used to guarantee payment in international trade, usually between parties that have not previously worked together.
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MULTINATIONAL ENTERPRISE
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A corporation that is doing business in more than one country simultaneously.
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North American Free Trade Agreement
NAFTA |
A commercial association among Canada, the United States, and Mexico designed to eliminate almost all trade barriers.
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NATIONALIZATION
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A government's seizure of property or companies.
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SIGNATORY
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A person, company, or nation that has signed a legal document, such as a contract, agreement, or treaty.
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SOVEREIGN IMMUNITY
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The right of a national government to be free of lawsuits brought in foreign courts.
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TARIFF
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A duty imposed on imported goods by the government of the importing nations.
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VALUATION
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A process by which the Customs Service determines the fair value of goods being imported, for purposes of imposing a duty.
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