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What Are the Basic Provisions of the General Agreement on Tariffs

question 13

Essay

What are the basic provisions of the General Agreement on Tariffs and Trade (GATT)?. Give three examples of how it benefits U.S. industries.


Definitions:

Liquidated Damages

Damages specified as a term of the contract, before a breach of contract occurs.

Breach of Contract

A violation of any of the agreed-upon terms and conditions of a binding contract.

Specific Performance

A legal remedy requiring a party to perform their part of the contract rather than provide monetary compensation for failing to meet their obligations.

Resell

The act of selling something that one has previously purchased, either as a business practice or to transfer ownership.

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