Chapter 7

These flashcards cover key concepts related to international legal frameworks, intellectual property rights, legal recourses, and business laws.

Common Law

A legal system based on tradition, past practices, and legal precedents set by courts through interpretation.

Code Law

A system of written rules (codes) of laws that consist of commercial, civil, and criminal laws.

Intellectual Property Rights

Ideas translated into tangible products protected by the state from unauthorized commercial exploitation.

Patents

An exclusive right granted for an invention that provides a new way of doing something or offers a new solution.

Trademarks

Signs capable of distinguishing goods or services of one enterprise from others.

Copyrights

Legal rights that creators have over their literary and artistic works.

Extraterritoriality

The application of a country's laws beyond its borders.

Foreign Corrupt Practices Act (FCPA)

U.S. law that prohibits bribery of foreign officials to obtain or retain business.

Antitrust Laws

Laws that prevent business practices that unreasonably reduce competition.

Conciliation (or Mediation)

A non-binding agreement facilitated by a mediator to resolve disputes.

Arbitration

A formal dispute resolution process involving a third-party arbitrator.

Litigation

The process of taking legal action or filing a lawsuit.

Acts of God

Natural disasters that can affect contractual obligations or performance.

Knockoff Appeal

Counterfeit products that can enhance the sales of genuine products.

Different Marketing Laws

Varied regulations that affect advertising and selling practices in different countries.