A legal rule set forth by the Federal Trade Commission which prohibits a seller of merchandise from soliciting sales orders by mail or telephone unless it reasonably expects that it can ship the ordered merchandise by either the date included on the solicitation, or if there was no such date, then within 30 days.
The market participant exception establishes an exception to the Commerce Clause's scrutiny for the state when the state functions not as a regulator of the market, but rather as a market participant.
Most favored nation refers to a status conferred by a clause in which a country promises that it will treat another country as well as it treats any other country that receives preferential treatment. Most favored nation clauses are frequently included in bilateral investment treaties.
Multilateral treaties are treaties between multiple states, usually (though not always) denoting participation by a majority of the world's states. Multilateral treaties cover practically every substantive field of international law, from human rights to inter-state agreements on matters such as trade or transportation.
No License Required (NLR) is the designation given to commodities and related technology that do not require a license to be exported out of the United States. Most exports from the United States do not require a license and, therefore, are exported under the designation NLR. NLR designated exports include those items not listed on the Commerce Control List (CCL) or those items that are listed on the CCL, but are being exported
Tariff engineering is the targeted design of a product's characteristics to reduce the tariff to be paid on imports. Unlike tax evasion, tariff engineering is legal. It studies changes to the material, structure, or other characteristics of a product so that the product can be imported with more favorable tariff treatment.
The terms commerce and trade are often used interchangeably, with commerce referring to large-scale business activity and trade describing commercial traffic within a state or a community. The U.S. Constitution, through the Commerce Clause, gives Congress exclusive power over trade activities between the states and with foreign countries. Trade within a state is regulated exclusively by the states themselves.
Trafficking is the transporting of or transacting in illegal goods or people. See drug trafficking, sex trafficking, and human trafficking.
[Last reviewed in December of 2021 by the Wex Definitions Team]
The United States Munitions List is a list of defense articles, services and related technical data designated as such by the federal government. These defense items are controlled by the Arms Export Control Act. The List is divided into twenty-one categories of defense articles, ranging from firearms to nuclear weapons. The United States Munitions List can
