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Legal Environment of Business 2

Legal Environment of Business 2 - Legal Environment of...

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Legal Environment of Business Test 2 Study Guide Chapter 52 Exporting – involves the sale of goods and/or services overseas. Foreign Manufacturing Facility – When a US Company builds or purchases in a foreign country. What is the MAJOR Difference between US and International Law? US Businesses can rely on the US courts to enforce domestic law, but not necessarily international law. *foreign courts to enforce private contracts US Businesses cannot fore foreign countries to enforce international law because foreign countries are SOVERIGN (of their own) Entities. Dram Shot Law- 3 Principles of International Law 1.) Comity - US courts will recognize and enforce another countries laws and decrees within our own borders as long as those laws and decrees are consistent with the US Constitution. 2.) Act of State Doctrine - US courts will not examine ( pass judgment on) the validity of another countries acts committed within that countries own borders. 3.) Sovereign Immunity – Prohibits lawsuits from being brought (on indicated) against foreign countries in US countries. a.) Foreign Sovereign Immunities Act (FSIA) – prevents a foreign country from seeking sovereign immunity including: i. If the foreign country waves immunity ii. If the foreign government itself has engaged in commercial activities within the US or activities outside the US that have a “direct effect” on the US. 3 Sources of International Law
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Customs – General practices between 2 or more nations that have evolved over time. i. less formal ii. not necessarily in writing 2.) International Organizations – Entities consisting of representatives of 2 or more nations authorized to adopt resolutions embodying different international principles. i. Ex. WTO – World Trade Organization – minimizes trade barriers between member nations by granting “most favored nations” status ii. UN – United Nations – intended to promote international security, a. Challenge = 192 Members - 15 security council (5 permanent and 10 rotating members) (When voting, must be unanimous.) b. Permanent member: USA, France, Russia, England, and China. (Automatic VETO if 1 of the permanent members disapproves.) 3.) Treaties – Agreements made between 2 or more countries that must be authorized and ratified by each countries head of state. i. US gives the President the right to enter into treaties with the advice and consent of the Senate (US Constitution Article 2 Section 2) ii. Bi-lateral = between 2 countries iii. Multi-lateral = between more than 2 countries What are the remedies for violating international law? 1.) Sever Diplomatic Relations 2.) Impose Economic Embargoes 3.) Retaliate Militarily Chapter 2 Three Branches of Government 1.) Legislative (Article 1) 2.) Executive (Article 2) 3.) Judicial (Judiciary) (Article 3) 2 Roles for the US Judiciary 1.) Interpret the law and apply it to specific legal disputes. 2.)
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Legal Environment of Business 2 - Legal Environment of...

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