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International BLaw Summary Questions and Answers 2024(100%Verified) _1
International BLaw Summary Questions and Answers 2024(100%Verified) _1
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International BLaw Summary Questionsand Answers 2024(100%Verified)
Chapter 1 - ANS-1. The three forms of international business, or methods of entering a
foreign market, are trade, the licensing of intellectual property, and foreign direct
investment.
2. Trade consists of importing and exporting, including trade in goods and services. 3.
Successful exporters make a long-term commitment to their foreign markets and
customers and undertake an export plan. Success also requires building interpersonal
relationships with foreign business associates and fostering an attitude of trust. 4.
Cross-border trade in services includes business services such as passenger fares,
shipping, package delivery, banking, insurance, securities brokerage, accounting,
management and engineering consulting, and other professional services. 5. Importing
should not be viewed as an isolated, one-time transaction. Most successful importers
have a "global sourcing" strategy.
and the U.S. Bureau of Customs and Border Protection.
The international divisions of major banks not only provide important financing but also
offer a range of specialized international banking and foreign ex- change services
necessary to international firms. Many international bankers possess a great wealth of
expertise and foreign contacts and can play an advisory role in international business.
6. Intellectual property rights can be transferred through a licensing agreement in return
for a royalty or other compensation arrangement. IPRs can be rendered worthless if
they are not protected and infringement occurs.
7. Foreign direct investment refers to the long-term ownership and operation or active
control of an ongoing business in a foreign "host" country with the expectation of
producing a profit.
8. Multinational corporations are firms with significant foreign direct investment assets.
They are increasingly "globalized," meaning that they have the ability to derive and
transfer capital resources worldwide and to operate facilities of production and penetrate
markets in more than one country, usually on a global scale. 9. While the developing
countries attract hundreds of billions of dollars in investments each year, the economic
and political climate in many developing countries still presents many obstacles to trade
and investment. 10. International business differs from domestic business because of
distance, currency, language, culture, national controls over trade and investment,
country risk, and differences in national laws and legal systems.
11. In international business there is no substitute for knowing your suppliers,
, customers, and partners, visiting their facilities, and building relationships
based on trust.
12. An important lesson of this chapter is that the
management of international business is the management of risk. By understanding the
legal environment of international business we are better prepared to evaluate, manage,
and reduce these risks.
Chapter 2 - ANS-1. International law includes public and private international law. Public
international law governs the conduct of nations with other nations or the conduct of
nations in their relationships with individuals. Private international law governs the rights
and responsibilities of private individuals or corporations operating in an international
envi- ronment, such as international sales contracts or shipping. International law relies
primarily on "soft" enforcement mechanisms: the force of public opinion, trade and
diplomatic sanctions, and the withholding of foreign aid. The ultimate sanction is war. 2.
Customary international law is derived primarily from the widespread and long-standing
practices of nations. International law also arises from agreement. A treaty is a legally
binding agreement between two or more nations that is recognized and given effect
under international law. A convention is a multilateral treaty on a topic of broad
international concern.
3. International business law is any law or regula- tion, whether derived from national or
interna- tional sources, that governs cross-border business transactions, the activities of
those doing business in foreign countries or subject to the jurisdiction of foreign courts,
or the resolution of interna- tional business disputes.
4. Uniformity and predictability in international business law are important to companies
that do international business.
5. Transnational business crimes are major pro- blems calling for global solutions.
Typical crimes include bribery and corruption, tax evasion, customs fraud, criminal
violations of export control laws, financial crimes, and criminal violations of
environmental laws, securities laws, and antitrust laws.
6. Jurisdiction means the power of a nation to create laws that proscribe conduct and to
act over individuals, corporations, or their property in the application or enforcement of
those laws. When used in reference to a court, it is the power of a court to act or to hear
a case—to adjudicate. There are five doctrines of international criminal jurisdiction:
territoriality, nationality, the protective principle, passive personality, and universality. 7.
Extraterritoriality refers to a nation's jurisdiction that extends beyond its territorial
borders.
8. The International Court of Justice hears cases brought by nations against other
nations. Individuals and private corporations are not parties to cases before the court.
The court has jurisdiction over all cases brought by nations under the UN Charter or
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