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Unformatted text preview: CHAPTER 1 INTRODUCTION TO INTERNATIONAL LAWS A. What is International Law? (p. 1) Definition The body of rules and norms that regulates activities carried on outside the legal boundaries of nations, whether of a public (law of the sea, law of war) or private nature (international commerce activities such as trade, contracts, banking, business structures, IP and taxation). Three international relationships are governed by international law: Those between nations and nations. Those between nations and persons. Those between persons and persons. Is International Law Really Law? It is because nations regard it as something they are obligated to respect: States may have a shared sense of commitment towards a particular activity; and/or A State may fear that if it does not keep its promises towards other States then other States will not keep their promises Comity Comity is not a law because countries do not regard it as something they are obligated to respect. Comity is the practice between nations of treating each other with goodwill and civility. (Courtesy). B. The making of international law (p.2) There is no formal international law-making machinery. The basic mechanism for creating international law is the consensus of the international community. Intl law comes into effect only when states consent to it, through state practices . Widespread use of arbitration tribunals to resolve disputes between private parties has led to the creation of international case law that states have given general consent to its use. Other ways: multilateral and bilateral agreements. C. Sources of international law (p.2) The International Court of Justice (ICJ) is an intl court established pursuant to the ICJ statute to hear disputes only between states. Other intl dispute settlement forums include WTO and ICSID Sources listed in Article 38(1) of the ICJ: International conventions establishing rules expressly recognized by the contesting states; International custom. General principles of law recognized by civilized nations In interpreting these, ICJ may look to: Judicial decisions. Teachings of the most highly qualified publicists of various nations as subsidiary means for the determination of rules of law. Treaties and Conventions The most important sources (equivalent of legislation) of international law: Treaties are legally binding agreements between two or more nations. Conventions are legally binding agreements between states sponsored by international organizations, and also called treaties (although terms such as covenants and protocol are used) Steps before an intl treaty becomes intl law: UN member state leaders individually sign a treaty and deposit it with UN Secretary General as Treaty Depository....
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This note was uploaded on 07/16/2011 for the course FIN M0110 taught by Professor Kwak during the Spring '11 term at Delaware State.
- Spring '11
- Corporate Finance