International Business Law Cheat Sheet

The core ideas of International Business Law distilled into a single, scannable reference — perfect for review or quick lookup.

PiqCue — piqcue.com/international-business-law/cheatsheet

Quick Reference

Lex Mercatoria

The body of customary commercial law that has evolved among international merchants over centuries, providing a set of generally accepted trade practices and principles independent of any single nation's legal system.

CISG (United Nations Convention on Contracts for the International Sale of Goods)

A multilateral treaty adopted in 1980 that provides a uniform legal framework for international sales contracts between parties in different contracting states, covering contract formation, obligations of buyers and sellers, and remedies for breach.

International Commercial Arbitration

A private dispute resolution mechanism in which parties from different countries agree to submit their commercial disputes to one or more arbitrators rather than national courts, with the arbitral award being enforceable internationally under the New York Convention.

Bilateral Investment Treaties (BITs)

Agreements between two countries establishing the terms and conditions for private investment by nationals and companies of one state in the territory of another, typically including protections against expropriation and guarantees of fair and equitable treatment.

Incoterms (International Commercial Terms)

A set of standardized trade terms published by the International Chamber of Commerce that define the responsibilities of buyers and sellers regarding the delivery of goods, transfer of risk, and allocation of costs in international trade transactions.

Foreign Corrupt Practices Act (FCPA)

A United States federal law enacted in 1977 that prohibits U.S. persons and companies from bribing foreign government officials to obtain or retain business, and requires publicly traded companies to maintain accurate books and records and adequate internal controls.

World Trade Organization (WTO) Dispute Settlement

The multilateral system through which WTO member states resolve trade disputes arising under WTO agreements, involving consultations, panel proceedings, and appellate review, with authorized countermeasures for noncompliance.

Letters of Credit

A financial instrument issued by a bank guaranteeing that a buyer's payment to a seller will be received on time and in the correct amount, serving as a critical risk-mitigation tool in international trade where parties may not know each other.

Most-Favoured-Nation (MFN) Treatment

A principle in international trade law requiring that any advantage, favour, or privilege granted by a country to goods or services from one trading partner must be extended immediately and unconditionally to all other WTO member states.

Forum Selection and Choice of Law Clauses

Contractual provisions in international agreements that specify which country's courts will have jurisdiction over disputes (forum selection) and which country's substantive law will govern the interpretation and enforcement of the contract (choice of law).

Key Terms at a Glance

Arbitral Award:The final decision rendered by an arbitral tribunal resolving a dispute between parties, enforceable under the New York Convention.

Bilateral Investment Treaty (BIT):An agreement between two countries establishing mutual protections and terms for private investment by nationals of one country in the other.

CISG:The United Nations Convention on Contracts for the International Sale of Goods, providing uniform rules for cross-border sales contracts.

Choice of Law:The process or contractual clause determining which jurisdiction's law governs a cross-border transaction or dispute.

Comity:The principle of mutual respect by which courts of one country recognize the laws, judicial decisions, and institutions of another country.

Conflict of Laws:The body of legal rules that determines which jurisdiction's substantive law applies when a dispute involves parties or events in multiple countries.

Dumping:The practice of exporting goods at a price lower than the normal value in the exporter's domestic market, which can trigger anti-dumping duties.

Expropriation:The taking of privately owned property or investment by a government, requiring public purpose and adequate compensation under international law.

FCPA:The U.S. Foreign Corrupt Practices Act, prohibiting bribery of foreign officials and requiring accurate accounting by publicly traded companies.

Force Majeure:A contractual provision excusing performance when unforeseeable extraordinary events beyond the parties' control prevent fulfillment of obligations.

Forum Selection:A contractual clause designating which court or arbitral body has jurisdiction over disputes arising from the agreement.

GATT:The General Agreement on Tariffs and Trade, the predecessor multilateral trade agreement to the WTO, establishing core trade principles including MFN and national treatment.

ICSID:The International Centre for Settlement of Investment Disputes, a World Bank institution for arbitrating investment disputes between states and foreign investors.

Incoterms:Standardized trade terms published by the ICC defining the responsibilities, risks, and costs allocated between buyers and sellers in international trade.

ISDS:Investor-State Dispute Settlement, a mechanism allowing foreign investors to bring arbitration claims directly against host states for treaty violations.

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