Business Law environment essay

1. Commerce Clause

a Constitutional provision that provides the federal government with exclusive control over foreign commerce

2. Import-Export Clause

a Constitutional provision that prohibits the federal government from taxing exports and prohibits the states from taxing either imports or exports

3. Supremacy Clause

a Constitutional provision that allows a U.S. federal law to prevail when it directly conflicts with a law of the state (or local) government

4. bilateral

an agreement between two nations (or parties)

5. compact

a type of agreement [between or among nations]

6. congressional-executive agreements

an executive agreement that is based on authority granted by Congress to the president or statute, or by treaty

7. convention

a treaty on matters of common concern, usually negotiated on a regional or global basis and open to adoption by many nations

8. equal dignity rule

a rule based on the idea that statutes and treaties are of equal dignity, meaning they are of equal legal importance

9. federal preemption

the legal doctrine that a federal rule will prevail over an inconsistent state rule. The inconsistent state law will be void to the extent it conflicts with the federal scheme

10. free trade agreement

a trade agreement in which tariffs and non-tariff barriers are eliminated or reduced significantly, and that often contain additional provisions on matters of mutual concern

11. inherent executive powers

the powers that are either expressly granted to the president in the Constitution or found to be there by judicial interpretation

12. international agreement

the international agreements such as treaties and executive agreements

13. international trade law

the body of public law used to determine the responsibilities that nations have to one another in their trade relations

14. most-favored-nation (MFN) trade

an arrangement in which the lower tariff rates that are negotiated with one nation are automatically applied to similar imported products from all nations who sign an MFN agreement with each other — without any concession being requested in return

15. multilateral

an agreement between many nations (or parties)

16. multilateral trade negotiations

a type of negotiation in which countries make reciprocal tariff concessions to each other

17. multiple taxation

the same service or property is subjected to the same or a similar tax by the governmental authorities of more than one nation.

18. non-self-executing treaty

a treaty that requires an act of Congress or of the president to give it legal effect

19. normal trade relations

an arrangement in which the lower tariff rates that are negotiated with one nation are automatically applied to similar imported products from all nations who sign a most-favored-nation (MFN) agreement with each other — without any concession being requested in return; also formerly referred to as most-favored-nation (MFN) trade

20. regional trade agreements

a multilateral trade agreement that encompass a geographical region

21. self-executing treaty

a treaty that provides individuals with specific rights, which the courts will enforce

22. sole executive agreements

an executive agreement where the president can negotiate and put into legal effect on the basis of his inherent authority, without congressional approval

23. trade agreement

an agreement between nations on matters involving trade, tariffs, and related issues

24. trade promotion authority

a fast-track process for approving trade agreements that was enacted by the Trade Reform Act of 1974 and which gives the president authority to negotiate trade agreements pursuant to objectives set out by Congress

25. treaties of friendship, commerce, and navigation

the self-executing bilateral agreements that provide a broad range of protection to foreign nationals doing business in a host country