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Boston University METROPOLITAN BUSINESS COLLEGEINTERNATIONAL LAWFINAL EXAMProf L. Martin SaradjianCERTIFICATIONI CERTIFY that I have completed my work on this review TAKE-HOME FINAL, knowing that if someone is cheating TAKES place where I could FAIL DATE COURSEStudent the NameStudent the illDUE: May 10 2007Boston UniversityMetropolitan CollegeMG721 International Business Law NameIDFINAL Martin L. EXAMProfessor SaradjianMay 10, 2007PART IIdentify the meaning of the following concepts

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p 1) Force Majeure: It refers to any event that may allow a party to break a contract. This phrase is French for ?force majeure? or ?greater force? It consists of a group of legal concepts that excuses performance of contractual obligations that the performance has become difficult or impossible. This is a current clause in contracts which essentially frees one or both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as strike war, riots, crime, natural disasters (e. G, flood, earthquake, volcano, prevents one or both parties to fulfill their obligations under contract2) Embargo: These are any restrictions placed on trade by law. An example is the U.S. trade embargo of Cuba, which has been established since 1962 The embargo bans trade with Cuba in order to punish Fidel Castro dictatorship regime3) Price: Price (or right) is a tax levied on imports and, less frequently, on exports as they cross the b in other countries. For example, the United States and 22 other countries signed the General Agreement on Tariffs and Trade (GATT) in 1947. The GATT was designed to promote trade and settle trade disputes between industrial nations and the world?s agricultural and delete protectionism4) Lex Mercatoria Lex Mercatoria governed the transactions of street vendors in the Middle Ages. In the late eleventh century and twelfth centuries, the basic concepts and institutions of modern Western mercantile law ? lex mercatoria commercial law) ? were formed. It was then that the law merchant in the West first came to be considered as an integrated development, a statutory body. Today, the lex mercatoria is a set of rules of conduct for b-crossing transactions developed by the international business community themselves and applied by arbitrators in case of trade disputes5) CAISG: ? This is the United Nations Convention on Contracts for the International Sale of Goods. It applies to international sales of commercial goods. Today, the CISG has been adopted by 35 countries and does not generally apply to service contracts, sales of consumer auctions, sales of securities or securities, or sale of ships, boats or aircraft. CISG provides significant benefits to merchants contracting international sales, helping the parties from different countries to avoid difficulties in negotiating the right of countries of the govern. It provides internationally accepted rules that contracting parties, courts, and arbitrators may rely in their business dealings6) Letter of Credit: A. ..

Boston University, World Trade Organization, WTO

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