All of the Following Terms Are Associated with International Trade

question 68

Multiple Choice

All of the following terms are associated with international trade EXCEPT:

• A)absolute advantage
• B)balance of payments
• C)balance of trade
• D)discount rate
• E)comparative advantage

Understand the principle of stare decisis and its importance in the legal system.

Distinguish between criminal and civil law.

Recognize the difference between equitable remedies and remedies at law.

Understand the role and authority of administrative agencies.

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Definitions:

Standard Form Contract

A contract with fixed terms prepared by a business.

Consideration

Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Binding

Having the effect of a legal obligation that must be adhered to; able to enforce a legal obligation.

Postbox Rule

A legal principle that specifies the exact moment a contract is considered accepted, which is when an acceptance is communicated, even if it has not yet been received by the offeror.