Voluntary Export Restraints

question 166

Multiple Choice

Voluntary export restraints

• A) have the same effect as an import ban.
• B) are illegal under the WTO rules.
• C) violate the spirit of international trade agreements.
• D) all of the above

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Definitions:

Condition Precedent

A condition in a contract that must be met before a party's obligation or right becomes effective.

Contract

A legally binding agreement between two or more parties that outlines the terms and conditions for the exchange of goods, services, or other forms of consideration.

Statute of Frauds

A legal principle requiring certain types of contracts to be in writing and duly signed by all parties involved, to be enforceable.

Promissory Estoppel

A legal principle that prevents a party from going back on a promise, even if it was not formally agreed to in a contract, if someone else has relied on that promise to their detriment.