Introduction

Question 1

What are the three types of international business transactions?

Answer 1

• exports
• licensing
• foreign direct investment

Question 2

What are the types of FDi?

Answer 2

Acquisition
Joint VEnture
Startup

Question 3

What are some challenges that differentiate international trade from normal trade?

Answer 3

Customs/Tariffs
Culture
finances (different money, banking systems, etc.)
language
laws and their differences

Question 4

What are documents of title?

Answer 4

provide title in the goods to the holder of the document. Uses=d to protect the parties when goods are shipped internationally.

Question 5

What is the difference between public and private law?

Answer 5

Public Law - affects and applies to society as a whole, what the state is doing. E.g., Admin Law, Constitutional Law, Criminal Law.

Private Law - Applies more to individuals; Engaged between private individuals. E.g., Contracts, Torts

Question 6

What is a legal tradition and what are the five types?

Answer 6

a set of deeply held, historically conditioned attitudes about how law is formulated, taught, applied, and interpreted, as to the relationship between law and society.
	• Civil law
	• Common Law
	• Islamic Law
	• Indigenous Law
	• Chinese Law (Socialist to an extent)

Question 7

What is a legal family and give examples?

Answer 7

A set of legal systems present within the current world of nation-states that share a legal tradition
• Japan, Chile, Germany - all share the civil law tradition
• U.S., Canada, Australia, U.K. - are a family that shares the common law tradition.

Question 8

What is a legal system?

Answer 8

The body of legal rules, both primary and secondary in character, that define and govern legal relations within a particular political entity (most typically, a nation-state).
U.S. has numerous legal systems within it. Federal Law, State laws, territories (Puerto Rico, Guam)

Question 9

What are some of the key differences between legal traditions?

Answer 9

• Authority of precedent
  
  • Historical background - what influenced the formation of that type of law.
  • Fundamental structures
  • Education