INTB 1203 CORRECT FINALS ANSWERS AND
QUESTIONS SET A+
✔✔Common Law - ✔✔system of law based on tradition, precedent, and customs, (gives
judges more flexibility to interpret the law for each unique circumstances of a case)
✔✔Civil Law - ✔✔a system of law based on a very detailed set of written laws and
orders
✔✔Theocratic Law System - ✔✔law based on religious teachings
✔✔Contract - ✔✔document that specifies the conditions under which an exchange is to
occur and details the rights and obligations of the parties involved
✔✔Contract Law - ✔✔the body of law that governs contract enforcement
✔✔CIGS (acronym) - ✔✔United Nations Convention of Contracts for the International
Sale of Goods
✔✔CIGS (definition) - ✔✔set of rules governing certain aspects of contract agreements
between firms of different nations
✔✔Property Rights - ✔✔bundle of legal rights granting right of income from a specific
resource
✔✔Private Action - ✔✔the theft, piracy, and blackmail, by private individuals or groups
✔✔Public Action - ✔✔the extortion of income by public officials, such as politicians
✔✔Foreign Corrupt Practices Act - ✔✔U.S. law regulating bribes and unethical actions
in international trade
✔✔Intellectual Property (IP) - ✔✔ideas (music, books, art, designs) that can be
protected by patents, copyrights, and trademarks
, ✔✔Patent - ✔✔grants inventor exclusive rights of new product or process to
manufacture, use, or sell that invention
✔✔Copyrights - ✔✔gives authors exclusive legal rights to publish, disperse and sell
written work
✔✔Trademarks - ✔✔designs and names officially registered that designate a firm or its
products
✔✔World Intellectual Property Orginization - ✔✔int. org. who sign treaties to agree to
protect IP
✔✔Paris Convention for the Protection of Industrial Property - ✔✔int. agreement to
protect intellectual property
✔✔Product Safety Laws - ✔✔set certain standards to which a product must adhere
✔✔Product Liability - ✔✔involves holding a firm accountable when their product causes
injury, death, or damage
✔✔Cross Cultural Literacy - ✔✔understanding how the culture of a country affects the
way business is practiced
✔✔Culture - ✔✔a system of values and norms that are shared among a group of
people - together they constitute a design for living
✔✔Values - ✔✔Abstract ideas about what a society believes to be good, right, and
desirable
✔✔Norms - ✔✔social rules and guidelines that prescribe appropriate behavior in
particular situations
✔✔Society - ✔✔Group of people who share a common set of values and norms
✔✔Folkways - ✔✔routine convention of everyday life (dress code, social manners,
neighborly behavior)
✔✔Mores - ✔✔norms seen as central to the functioning of a society and to its social life
✔✔Social Structure - ✔✔the basic social organization of a society
✔✔Group - ✔✔two or more people that share similar identity, have a common
expectations of one another's behavior
QUESTIONS SET A+
✔✔Common Law - ✔✔system of law based on tradition, precedent, and customs, (gives
judges more flexibility to interpret the law for each unique circumstances of a case)
✔✔Civil Law - ✔✔a system of law based on a very detailed set of written laws and
orders
✔✔Theocratic Law System - ✔✔law based on religious teachings
✔✔Contract - ✔✔document that specifies the conditions under which an exchange is to
occur and details the rights and obligations of the parties involved
✔✔Contract Law - ✔✔the body of law that governs contract enforcement
✔✔CIGS (acronym) - ✔✔United Nations Convention of Contracts for the International
Sale of Goods
✔✔CIGS (definition) - ✔✔set of rules governing certain aspects of contract agreements
between firms of different nations
✔✔Property Rights - ✔✔bundle of legal rights granting right of income from a specific
resource
✔✔Private Action - ✔✔the theft, piracy, and blackmail, by private individuals or groups
✔✔Public Action - ✔✔the extortion of income by public officials, such as politicians
✔✔Foreign Corrupt Practices Act - ✔✔U.S. law regulating bribes and unethical actions
in international trade
✔✔Intellectual Property (IP) - ✔✔ideas (music, books, art, designs) that can be
protected by patents, copyrights, and trademarks
, ✔✔Patent - ✔✔grants inventor exclusive rights of new product or process to
manufacture, use, or sell that invention
✔✔Copyrights - ✔✔gives authors exclusive legal rights to publish, disperse and sell
written work
✔✔Trademarks - ✔✔designs and names officially registered that designate a firm or its
products
✔✔World Intellectual Property Orginization - ✔✔int. org. who sign treaties to agree to
protect IP
✔✔Paris Convention for the Protection of Industrial Property - ✔✔int. agreement to
protect intellectual property
✔✔Product Safety Laws - ✔✔set certain standards to which a product must adhere
✔✔Product Liability - ✔✔involves holding a firm accountable when their product causes
injury, death, or damage
✔✔Cross Cultural Literacy - ✔✔understanding how the culture of a country affects the
way business is practiced
✔✔Culture - ✔✔a system of values and norms that are shared among a group of
people - together they constitute a design for living
✔✔Values - ✔✔Abstract ideas about what a society believes to be good, right, and
desirable
✔✔Norms - ✔✔social rules and guidelines that prescribe appropriate behavior in
particular situations
✔✔Society - ✔✔Group of people who share a common set of values and norms
✔✔Folkways - ✔✔routine convention of everyday life (dress code, social manners,
neighborly behavior)
✔✔Mores - ✔✔norms seen as central to the functioning of a society and to its social life
✔✔Social Structure - ✔✔the basic social organization of a society
✔✔Group - ✔✔two or more people that share similar identity, have a common
expectations of one another's behavior
