Chapter 3 Flashcards
Choice of Law Clause
In contract, which laws will be utilized?
Civil and Commercial Law
Stipulates rights and remedies for transactions
Common Law
Judge made based on precedent to resolve disputes
Constitutional Law
Framework defining authorities for developing and implementing law
Country of Origin
?
Criminal Law
Specifies conduct and prescribes punishment
Customary Law
Reflects wisdom of experience; generally in less developed societies
Democracy
All citizens are politically and legally equal; entitled freedom of thought, speech, association
Intellectual Property (IP)
The control/benefits from creative, expertise, insights that give owner competitive advantage; copyright, patents, trade secrets (process), and trademarks
Laissez-Faire
“Leave it alone” - gov doesn’t interfere with marketplace; it regulates itself
Legal System
Rules that regulate behavior, process of enforcement, procedures for resolution; constitutional, criminal, civil/commercial
Local Content Regulations
A company’s activities need to be made more local
Mixed Legal System
Two or more systems integrated (common, civil, theocratical, customary)
Pluralism
Groups within country differ in language, class structure, ethnic background, tribal and/or religion
Political Freedom
Fair/competitive elections; ability to disagree and express thoughts
