A Clause in a Contract Between Timber Corporation, a U

question 48

Multiple Choice

A clause in a contract between Timber Corporation, a U.S. firm, and Wang, Ltd., a Japanese firm, specifies that disputes over the con?tract will be adjudicated in the United States. This is

• A) a domestic-dispute clause.
• B) a forum-selection clause.
• C) an adjudication clause.
• D) an arbitration clause.

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Definitions:

Protective Tariff

A tax imposed on imports to protect domestic industries from foreign competition by making imported goods more expensive.

Imported Beef

Beef that is brought into a country from another country for sale.

Price

The amount of money required to purchase a good, service, or asset.

European Union

A political and economic union of 27 European countries that participate in a unified international agreement to foster economic cooperation and free trade among members.