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Chapter 52 International Law in a Global Economy    See Separate Lecture Outline System I NTRODUCTION Before students can appreciate the nature of the international business environment, they must be fa- miliar with the concept of international law, as well as its sources and principles.  Firms operating in the in- ternational environment must be aware of the difficulties that may result if they fail to pay attention to the le - gal differences among nations and the potential effect of international law.  One of the purposes of this chapter is to acquaint students with these concepts.  Another purpose of this chapter is to compare the legal systems of different nations, as well as to mention the differences among legal concepts and principles relating to torts. A DDITIONAL  R ESOURCES A UDIO  & V IDEO  S UPPLEMENTS The following  audio and video supplements  relate to topics discussed in this chapter— 3
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4           INSTRUCTOR’S MANUAL TO ACCOMPANY  BUSINESS LAW , ELEVENTH EDITION PowerPoint Slides To highlight some of this chapter’s key points, you might use the Lecture Review PowerPoint slides compiled for Chapter 52.
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CHAPTER 52:  INTERNATIONAL LAW IN A GLOBAL ECONOMY           5 C HAPTER  O UTLINE I. International Law A. S OURCES   OF  I NTERNATIONAL  L AW International law is defined in the text as a body of law—formed as a result of international cus - toms, treaties, and organizations—that governs relations among or between nations.  Each of those sources is also defined in the text. 1. International Customs Customs evolved over the centuries. 2. Treaties and International Agreements Treaties are agreements between or among nations. 3. International Organizations and Conferences International organizations are composed mainly of nations and usually established by treaty —for example, the 1980 Convention on Contracts for the International Sale of Goods, or CISG. B. C OMMON  L AW   AND  C IVIL  S YSTEMS Legal systems are generally divided into common law and civil law systems. 1. Common Law Systems Common law systems are based on case law. These systems exist in countries that were once a part of the British Empire (such as Australia, India, and the United States).   Stare decisis requires following precedent unless otherwise necessary. 2. Civil Law Systems Civil law systems are based on codified law (statutes). Courts interpret the code and apply the rules without developing their own laws. Civil law systems exist in most European nations, in Latin American, African, and Asian countries that were colonies of those nations; Japan; South Africa; and Muslim countries.
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