Topic 1: International Commercial Law – Lecture 1

<p>The EU has a political union aspect in addition to economic integration (D)</p> Signup and view all the answers

<p>Sovereign acts by congress are necessary to make international acts binding (C)</p> Signup and view all the answers

<p>They inhibit international commercial relationships (C)</p> Signup and view all the answers

<p>Most favored nation (A)</p> Signup and view all the answers

<p>National laws may not align with international principles (A)</p> Signup and view all the answers

<p>Any national rules that hinder trade between Member States are prohibited. (B)</p> Signup and view all the answers

<p>Goods legally marketed in one Member State can be sold in others. (D)</p> Signup and view all the answers

<p>Universal Regulation (C)</p> Signup and view all the answers

<p>Competition that undermines domestic production through low pricing. (D)</p> Signup and view all the answers

<p>Parties must not prioritize profit over fairness. (D)</p> Signup and view all the answers

<p>To ensure trade barriers are maintained at agreed levels. (C)</p> Signup and view all the answers

<p>Imported and domestic products should be treated equally under the same regulations. (C)</p> Signup and view all the answers

<p>A business flooding the market with products sold below production cost to drive out competition. (D)</p> Signup and view all the answers

<p>Cassis de Dijon case (B)</p> Signup and view all the answers

<p>Total deregulation of trade and reduction of tariffs. (B)</p> Signup and view all the answers

<p>Regulations must serve a legitimate public interest without disproportionately restricting trade. (A)</p> Signup and view all the answers

<p>Parties can choose the governing laws of their contracts. (C)</p> Signup and view all the answers

<p>Harmonization of product standards to facilitate trade. (D)</p> Signup and view all the answers

<p>Countries publishing trade policies and adhering to agreed trade barriers. (A)</p> Signup and view all the answers

A commercial transaction becomes international when it involves parties, goods, services, or financial elements that cross national borders.

The concept that different countries specialize in different goods and services, leading to increased trade, productivity, and overall growth.

National laws have limits in international relations and international organizations are needed to regulate beyond national boundaries.

Organizations like the USA, EU, and WTO have varying autonomy, with the EU being less sovereign than member nations and WTO rules only applying to international trade.

A legal system where international agreements must be implemented by national legislation before they can be applied.

A principle of international trade where countries treat each other equally in terms of trade benefits.

Tariffs act as barriers to international trade, impacting free trade agreements like GATT and the EU.

A modern problem in international trade is balancing free trade with preserving national values that are not necessarily universally shared.

GATT members can form free trade agreements among themselves, like the EU; developing countries can receive preferential treatment.

A product cannot have stricter regulations if it's imported compared to an identical domestically made product. Prevents using regulations as trade barriers.

Selling a large amount of goods at a price lower than their cost to gain market share and drive out competitors; often done at a loss initially.

WTO's anti-dumping agreement aims to prevent countries from using dumping to gain unfair market dominance.

Countries commit to keeping trade barriers within agreed levels and make their trade policies and practices public. This provides predictability for businesses.

The economic philosophy that emphasizes free markets, limited government intervention, and international cooperation.

A principle in EU law that allows goods lawfully marketed in one member state to be marketed in all other member states without unjustified barriers.

EU member states are prohibited from imposing tariffs on trade with each other. This fosters free movement of goods within the EU.

The case that established mutual recognition in the EU, allowing goods sold in one member state to be sold in others without unnecessary restrictions.

A private international organization focused on improving international commercial law and creating a consistent legal framework for global businesses.

The freedom of parties to negotiate and agree upon the terms of their contract.

Contracts must be honored once agreed upon, unless valid reasons for termination exist.

Parties must act honestly and fairly in their contractual dealings, avoiding deception or hiding information.

Decisions and actions must be reasonable and fair, considering the circumstances of the situation.

Parties can choose the laws governing their contract, whether national or international.