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International Business Law Test 1 Questions and Answers 2024
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International Business Law Test 1 Questions and Answers 2024
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International Business Law Test 1Questions and Answers 2024
Private International Law - ANS-trade law that is relevant to the INDIVIDUAL
BUSINESSES. (ex. CIGS)
Public International Law - ANS-trade law that applies to GOVERNMENTS as a whole,
rather than individual businesses. EX. GATT limits the types/amounts of tariffs that WTO
Nations can impose on one another.
Corporations - ANS-Their own Separate Entity, treated like it's own person, separate
from the owner/owners. A corporation is a legal person. They must obey laws that
people do and rights that people do. (can hire employees, own property, buy and sell,
speak on issues, donate to charity) (must pay taxes and obey employment and
environmental laws)
- when a corporation gets sued, none of the owner/owner's personal assets are a stake,
but rather, the company's.
-Parent Corporations can own small Subsidiary Corporations (which leads to multiple
taxation)
-shareholders, employees, and board of directors are important
License - ANS-ex. Disney allowing a company to make Zootopia T-shirts would be
giving them a license to produce their intellectual property.
Franchise - ANS-like a license but the franchise takes place operates under the name of
the franchiser. ex. McDonald's restaurants are owned by local business people and
corporations, but still go by the name McDonald's.
Foreign Indirect Investment - ANS-when an individual or a company of one country buys
bonds or non-controlling shares of stocks from another nation.
Foreign Direct Investment - ANS-when a person/company from one country has a
physical presence in another country, This is the deepest penetration into a foreign
country and therefore has the greatest regulations from the home and host country of
the company.
Sole Proprietorship - ANS-one person owns and does everything. spends all and earns
, all. They also have total liability if they get sued, and their personal assets would be at
stake.
Partnerships - ANS-Two or more people own the business. (Note: employees are not
partners.) Partners pool ideas/resources and split earnings. They are also all liable for
the company AND liable for eachother's mistakes.
Statutes - ANS-laws written by the legislative branch and enforced by the executive
branch
Equity - ANS-relief that courts grant in an effort to restore justice when money would be
ineffective.
-Injunction: court says you CAN'T do something
-Specific Performance: court says you MUST do something
-Modify: court may MODIFY a contract
-Rescind: court may make a contract VOID
Which branch has the most power in International Affairs? - ANS-The Executive
Branch(The President)
-"the President alone has the power to speak or listen as representative of the nation"
Summary of "The Joint Resolution", "US V Curtiss-Wright Export CORP" -
ANS----FACTS OF THE CASE:---
-The Curtiss-Wright Export Corporation, a weapons manufacturer, sold fighter planes
and bombers to Bolivia during the Chaco War, during which Paraguay and Bolivia
contested control of a semi-arid region. This violated a Joint Resolution of Congress
and a proclamation issued by President Roosevelt, which banned U.S. weapons
manufacturers from aiding either side of the war. Challenging its indictment,
Curtiss-Wright argued that Congress had violated the non-delegation doctrine in
allowing the executive branch to make decisions that were properly left to the
legislature.
---CONCLUSION----
- Courts upheld the Joint Resolution. The Court reasoned that the federal government
could not exceed its enumerated powers regarding internal issues BUT had a much
broader scope of discretion in foreign affairs. Because "the President alone has the
power to speak or listen as a representative of the nation," Congress may provide the
President with a special degree of discretion in external matters which would not be
afforded domestically.
Treaty - ANS-an agreement between two or more nations(countries)
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