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...
trade regulation
market participant exception
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. The impact of this exception is felt in...
most favored nation
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...
multilateral 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...
No License Required (NLR)
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...
plenary power
Plenary power refers to the complete or absolute authority granted to a governing body over a specific area without limitations, enabling them to exercise significant control and discretion over relevant matters.
This term...
protectionism
Protectionism is an economic ideology that advocates using tariffs and other government restraints to protect domestic businesses from competition. Protectionism may stem from various circumstances, such as nationalist pride or fears of a...
tariff engineering
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...
trade regulation
Trade Regulation: an overview
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,...
trafficking
Trafficking is the transporting of or transacting in illegal goods or people. See drug trafficking, sex trafficking, and human trafficking.
[Last updated in December of 2021 by the Wex Definitions Team]