Unit 8 Flashcards
What are the 3 types of legal systems?
(1)Civil law
(2)Common law
(3)Religious law
What is civil law?
+Based on codification
+Systematic collection of laws designed to cover all areas of concern
+Derived from Roman law and influenced by religious law
+Most widespread method globally
What is common law?
+ relies on previous court decisions and interprets of statutes and regulations
+ relationship between judicial decisions and statutes can be complex. B.C. results of precedents are part of the process.
+Common law systems tend to be more adversarial than civil law systems
What are the 6 principles of common law systems?
(1)Rights of individual exist alongside those of state
(2)The trial is adversarial
(3)The defendant is presumed innocent until proven guilty
(4)Case Law develops through judgments and precedents
(5)Case law co-exists with statute law and in most cases, constitution
(6)Crimes are punished and civil wrongs are rectified by compensation
What is religious law?
+Religious document is the basis for legal system
+Some religious laws prohibits charging interests
+Jewish Halacha used to settle disputes of those who wish to be governed by it
What is rule of law?
+ when a country’s legal system is based on rule of law and not political dictatorship or powerful elite
+ foreign investment encouraged in such countries as interests are protected
Distinguish between public and private international law.
(1)Public international law:+Law that governs relationships between governments
(2) private international law:+Governs relationships between individuals/companies that cross international borders
What are the 2 sources of international law?
(1)Treaties:+agreements between countries
+Also called covenants, conventions or protocols
(2)customary international law:+international rules derived from customs and usage over centuries
What are 3 general concerns in global business?
(1)Extraterritoriality
(2)Performance of contracts
(3)Litigation
What is extrateritoriality?
+Countries attempt to apply its laws to non-resident foreigners and to activities that take place beyond its borders
+Example is tax and employment law
What are the points of concern with performance of contracts?
+No Worldwide Court has the power to enforce its decrees
+Worldwide courts rely on voluntary compliance
+Each nation is sovereign and has its own rules for recognizing decrees and judgments from other nations
What are the UN’s solution to performance of contracts?
+UN Convention on international Sales of Goods (CISG) specifies rights of seller and buyers
+Most countries have ratified it
+Is applied automatically if not specified in the contract
What is arbitration?
+A dispute resolution process agree to by parties in like of going to court, in which one person or a body make it decision
+Quick, less expensive, more private than litigation
What is litigation?
+Legal proceeding conducted to determine and enforce particular legal rights
+Can be complicated and expensive
+Which jurisdictions law should apply?
+Where should litigation occur?
What is intellectual property?
+A creative work or invention that is protectable by patents, trade marks, trade names, copyrights and trade secrets
