International Business Contracts

International Business Contracts

Assessment

Flashcard

Business

University

Hard

Created by

Chris Aung

FREE Resource

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62 questions

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1.

FLASHCARD QUESTION

Front

What is Lex Mercatoria?

Back

Lex Mercatoria is trade law composed of a multitude of international agreements and trade customs that complement domestic laws.

2.

FLASHCARD QUESTION

Front

What governs contracts between two parties in the same country?

Back

The law governing the execution of the contract is determined by that country's legal system.

3.

FLASHCARD QUESTION

Front

What is the Uniform Commercial Code (UCC)?

Back

The UCC is the set of federal laws that govern commercial contracts in the United States.

4.

FLASHCARD QUESTION

Front

What is the Vienna Convention?

Back

The Vienna Convention, also known as the CISG, governs contracts of sale between parties in different countries.

5.

FLASHCARD QUESTION

Front

What are Incoterms?

Back

Incoterms are International Commercial Terms that define the responsibilities of buyers and sellers in international transactions.

6.

FLASHCARD QUESTION

Front

What is a distribution contract?

Back

A distribution contract is an agreement between an exporter and an overseas intermediary, either an agent or a distributor.

7.

FLASHCARD QUESTION

Front

What is the difference between an agent and a distributor?

Back

An agent represents the exporter and earns a commission, while a distributor purchases goods to resell them.

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