Blaw - International Law

lcarter's version from 2016-05-23 21:01

Sources of International Law

Question Answer
Three sources of international lawInternational Customs, treaties, and international organizations
International CustomsGeneral practice of a nation as accepted by law
TreatiesAgreement or contract between two or more nations
International OrganizationsOrganization composed of nations' official members that regulate international law

Law Systems

Question Answer
Types of law systemsCivil, Common, and Islamic
Common Law SystemsCourts independently develop rules governing law
Civil lawSource of law is statutory code, courts don't depart from code or interpret it
Islamic lawLaw based on the koran, sharia

International Doctrines

Question Answer
ComityThe principle that one nation will defer and give effect to the laws of another country as long as they are consistent with each other
Act of State DoctrineJudicial branch of one nation will not consider another country's actions on that country's territory; Every sovereign state is bound to respect the independence of other states
expropriationWhen a government seizes property or goods and awards compensation
ConfiscationWhen a government seizes property or goods without any compensation
Sovereign ImmunityFederal governments cannot commit no wrongs, it must follow its own laws unless waived

Methods of engaging in international business

Question Answer
Distribution AgreementContract setting out terms and conditions between supplier and distributors from seperate countries
Direct ExportingUS company signs contract with foreign purchaser
Indirect ExportingA distributor is involved in the exporting
LicensingA US firm may license a foreign manufacturer to use its copyrighted, patented, and trademarked material
FanchisingOwner in a foreign nation may franchise a business and pay a fee to the company
Joint ventureWhen a company starts a new business with an entity in another nation

Trade Barriers

Question Answer
QuotasLimits on imports
TariffsTaxes on imports
DumpingSale of imports less than fair value
Non-Tariff BarriersRegulations, Quotas, Embargos, Boycotts, Export Controls
EmbargoGovernment order prohibiting movement of trade ships

Business Entities

Question Answer
The Four general business entity formsSole proprietorship, partnership, corporation, and LLC's
Sole Proprietorship AdvantagesOwn entire business, complete control, receive all profits, easier to start, less costly
Sole Proprietorship DisadvantagesFull liability, lacks continuity, less capital
Partnership AdvantagesEasy to establish, low costs, more capital,
Partnership DisadvantagesLiability still there, partners personally liable for each other
Corporation AdvantagesEasy to raise capital, limited liability
Corporation DisadvantagesFormalities, double taxation
LLC AdvantagesLimited liability, Pass through for taxes, Management flexibility, Can include foreign investors
LLC DisadvantagesStatues not uniform across states

Section 7

Question Answer
Personal PropertyMovable
Real PropertyImmovable; Land and things attached; Real estate
Tangible PropertyClassified under personal; has physical substance
Intangible PropertyClassified under personal; has no physical substance; bonds, copyrights, etc.
FixturesPersonal Property converted to real property
Fixture intent determined byProperty can't be removed without causing damage, property takes on properties of real estate
Trade FixtureFixtures on or attached to land used in business that; Can be removed from the property at end of business tenancy

Section 8

Question Answer
The six ways to acquire propertyPurchase, Possession, Gift, Production, Accession, Confusion
PossessionNo wild animals for trespassers or statute violations, abandoned property must have intent of not being wanted by original owner
Adverse PossessionOccupying real property without owner constent; Actual, open, continuous
GiftsVoluntary transfer of property without consideration
ProductionWhen someone makes a thing; Does not apply under employment
AccessionAdding significant value to a thing; Item remains with original owner unless added enough value with good faith
ConfusionMixing indistinguishable goods; Bad faith v. good faith

Section 9

Question Answer
Possessory InterestFee simple, Life Estate, Leasehold estate
Fee simpleHolds all rights
Life estateInterest in owning land just within your lifetime; Can't sell; On death passes on to whoever is named in deed
Leasehold estateLandlord converys right to possess

Section 10

Question Answer
Non-possessory InterestEasement, Profits, Licenses
EasementLimited use of property owned by someone else
ProfitsRight to enter and remove things
LicensesRevocable rights to enter land

Section 11

Question Answer
Concurrent Ownership TypesTenancy in common, Joint Tenancy, Tenancy by entirety, Community tenancy
Tenancy in commonTenants each own undivided interest in property; On death, property rights transferred to heirs; Unable to sell interest
Joint TenancyTenants own undivided interest in property; On death, property rights transferred to other member
Tenency by EntiretyOwnership by spouses; Can't sell or share without other's consent; Death & Divorce terminates
Community PropertyEach spouse owns one-half of property; Only some states allow