BUS 410 MIDTERM 1 | 125 QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) | ALREADY GRADED A+ | NEW
UPDATE 2025
forms of international business - ANSWERS 1. trade
2. licensing of intellectual property
3. foreign direct investment
-mutually exclusive and each brings its own level of risk
trade - ANSWERS the import or export of goods and services across national
borders
exporting - ANSWERS shipping goods or rendering services to a foreign buyer
in a foreign country
-often a firm's first step into international business
-can be direct, in which the exporter assumes responsibility for most functions
indirect exporting - ANSWERS -exports can be sold by independent foreign
sales representatives in the foreign country who work on commission
-can also be sold foreign distributors, firms that receive goods and resell to
customers
-through other intermediaries
,international trading companies - ANSWERS firms that specialize in all of
import/export transactions
-export trading companies
-certificate of origin
export trading companies - ANSWERS market products of several
manufacturers in foreign countries
certificate of origin (COI) - ANSWERS one of the most important documents
used that shows where products originated which affects tariffs rates and other
law applications
briefing a case - ANSWERS parties ~ plaintiff and defendant at trial level;
appellant and appellee at appeals level
facts ~ summarize facts critical to the outcome of the case
procedure ~ method in which the case reached the court
issue ~ note the central questions on which the case turns
holding ~ how did the court resolve the issue, and who won?
reasoning ~ explain the logic that supported the court's decision
common law - ANSWERS a legal system based on custom and court rulings
~based on precedent
tarbert trading, ltd. vs. cometals, inc. - ANSWERS SDNY 1987
-plaintiff tarbert purchased red beans from defendant cometals
,-beans originated from kenya but beans had been purchased from tarbet and then
stored in a warehouse in the netherlands
-P and D collaborated to create a COI showing beens were a product of EU
issue: will the court enforce a contract where both parties knew the COI was
fraudulent?
holding: no ~ case dismissed
reasoning: agreements made in violation of the law are void
clean hands doctrine - ANSWERS judges don't want to get their hands dirty
and are supposed to stay impartial and removed
-in case of tarbert vs. cometals, they would not want to enforce a fraudulent COI
export management companies - ANSWERS independent firms that assume
export-related duties for manufacturers, producers, or other exporters
small business success - ANSWERS -in 2020, 97.3% of firms in US exporting
foods were small businesses
-exporting should not be viewed as a solution to failure at home
-requires executive-level commitment
-requires adaptation to doing business in a new environment
intellectual property rights - ANSWERS -patents ~ about 25 months to obtain,
lasts 14-20 years depending on type (used for design plans)
, -trademarks ~ as long as in use and being defended (used for symbols, phrases)
-copyrights ~ generally 70 years after the death of the author
-trade secrets ~ as long as in use and reasonable efforts taken to maintain its
secrecy (used for company recipes)
international licensing agreements - ANSWERS contracts by which the holder
of intellectual property will grant certain rights in that property to another party
in return for consideration
-licensee will pay you flat fee or percentage of sales
russian entertainment wholesale inc v. close-up international inc. - ANSWERS
EDNY 2011
two russian film studies granted rights to produce and distribute DVDs of their
films to licensees including krupny wich could distribute its films only in russian
-krupny sublicensed to plaintiff who sued for copyright infringement claiming it
had exclusive right to distribute russian language-only versions of the films
-rusico was distributing multilingual DVDs which were dubbed with subtitles; it
was possible to turn off subtitles thus listen to their DVDs in russian
issue: did defendants violate plaintiff's license?
holding: no
reasoning: a licensee of a limited exclusive license may only seek relief for the
infringement of their exclusive rights
-the fact that the subtitles could be turned off and films listened to russian was
not an infringement
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) | ALREADY GRADED A+ | NEW
UPDATE 2025
forms of international business - ANSWERS 1. trade
2. licensing of intellectual property
3. foreign direct investment
-mutually exclusive and each brings its own level of risk
trade - ANSWERS the import or export of goods and services across national
borders
exporting - ANSWERS shipping goods or rendering services to a foreign buyer
in a foreign country
-often a firm's first step into international business
-can be direct, in which the exporter assumes responsibility for most functions
indirect exporting - ANSWERS -exports can be sold by independent foreign
sales representatives in the foreign country who work on commission
-can also be sold foreign distributors, firms that receive goods and resell to
customers
-through other intermediaries
,international trading companies - ANSWERS firms that specialize in all of
import/export transactions
-export trading companies
-certificate of origin
export trading companies - ANSWERS market products of several
manufacturers in foreign countries
certificate of origin (COI) - ANSWERS one of the most important documents
used that shows where products originated which affects tariffs rates and other
law applications
briefing a case - ANSWERS parties ~ plaintiff and defendant at trial level;
appellant and appellee at appeals level
facts ~ summarize facts critical to the outcome of the case
procedure ~ method in which the case reached the court
issue ~ note the central questions on which the case turns
holding ~ how did the court resolve the issue, and who won?
reasoning ~ explain the logic that supported the court's decision
common law - ANSWERS a legal system based on custom and court rulings
~based on precedent
tarbert trading, ltd. vs. cometals, inc. - ANSWERS SDNY 1987
-plaintiff tarbert purchased red beans from defendant cometals
,-beans originated from kenya but beans had been purchased from tarbet and then
stored in a warehouse in the netherlands
-P and D collaborated to create a COI showing beens were a product of EU
issue: will the court enforce a contract where both parties knew the COI was
fraudulent?
holding: no ~ case dismissed
reasoning: agreements made in violation of the law are void
clean hands doctrine - ANSWERS judges don't want to get their hands dirty
and are supposed to stay impartial and removed
-in case of tarbert vs. cometals, they would not want to enforce a fraudulent COI
export management companies - ANSWERS independent firms that assume
export-related duties for manufacturers, producers, or other exporters
small business success - ANSWERS -in 2020, 97.3% of firms in US exporting
foods were small businesses
-exporting should not be viewed as a solution to failure at home
-requires executive-level commitment
-requires adaptation to doing business in a new environment
intellectual property rights - ANSWERS -patents ~ about 25 months to obtain,
lasts 14-20 years depending on type (used for design plans)
, -trademarks ~ as long as in use and being defended (used for symbols, phrases)
-copyrights ~ generally 70 years after the death of the author
-trade secrets ~ as long as in use and reasonable efforts taken to maintain its
secrecy (used for company recipes)
international licensing agreements - ANSWERS contracts by which the holder
of intellectual property will grant certain rights in that property to another party
in return for consideration
-licensee will pay you flat fee or percentage of sales
russian entertainment wholesale inc v. close-up international inc. - ANSWERS
EDNY 2011
two russian film studies granted rights to produce and distribute DVDs of their
films to licensees including krupny wich could distribute its films only in russian
-krupny sublicensed to plaintiff who sued for copyright infringement claiming it
had exclusive right to distribute russian language-only versions of the films
-rusico was distributing multilingual DVDs which were dubbed with subtitles; it
was possible to turn off subtitles thus listen to their DVDs in russian
issue: did defendants violate plaintiff's license?
holding: no
reasoning: a licensee of a limited exclusive license may only seek relief for the
infringement of their exclusive rights
-the fact that the subtitles could be turned off and films listened to russian was
not an infringement
