NAFTA means North American Free Trade Agreement. This is a trading agreement between the U.S., Canada, and Mexico, which came into effect on January 1, 1994. NAFTA created the world’s largest free trade area. The purpose of NAFTA was to eliminate restrictions on agricultural trade and investment between the U.S., Mexico, and Canada. The farmers…
According to 19 USCS § 3301 (Title 19, Customs Duties; Chapter 21, North American Free Trade), ?NAFTA country means–
Naked assignment is the assignment of a mark without the transfer of goodwill associated with the mark. A transfer of any assignment is valid if along with the transfer of mark, the goodwill associated with it is also transferred to the assignee. Therefore, naked assignment of a trademark is considered as an invalid assignment of…
A naked authority is an authority delegated by the principal to the agent, solely for the principal?s benefit without giving any consideration to the agent. A naked authority can be revoked at the principal?s will. In such delegation, the agent has to perform the delegated act himself, and s/he cannot delegate his/her authority to another….
Naked bailment refers to a bailment for which a bailee receives no compensation, as when one borrows something from another. A naked bailment is liable for the loss of the property only if the loss is caused by the bailee?s gross negligence. It is also known as gratuitous bailment. A deposit, in the technical legal…
Naked confession is a confession which has not been corroborated. It is a confession which is not established or strengthened as with new evidence or facts.
Naked contract is an agreement without consideration. It is just a promise. Nudum pactum is the Latin term used to refer to naked contracts.
Naked license is licensing a trademark without the necessary controls over the use of the mark. When a trademark is licensed without specifying the quality of the goods to be sold it is called naked licensing. In such conditions the trademark will be considered as abandoned. If a company permits anyone to use its name…
Naked option is an option position where the buyer or seller has no underlying security position. It is an opportunity to buy stock at a fixed price, offered by a seller who does not own the stock to back up the promise. If the buyer wants to exercise the option, the seller must purchase the…
Naked ownership is a term used in Louisiana, roughly analogous to the “reversionary interest” in common-law jurisdictions. Reversion, in the context of real property, means the return to the grantor or his/her heirs of real property after all interests in the property given to others have terminated. Reversion occurs when the property owner transfers a…