BL-Chapt52 - Print Chapter Page 1 of 22 International Law...

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International Law in a Global Economy Chapter Introduction 52-1 International Law 52-1a Sources of International Law 52-1b Common Law and Civil Law Systems 52-1c International Principles and Doctrines 52-2 Doing Business Internationally 52-2a Exporting 52-2b Manufacturing Abroad 52-3 Regulation of Specific Business Activities 52-3a Investing 52-3b Export Controls 52-3c Import Controls 52-3d Minimizing Trade Barriers through Trade Agreements 52-4 U.S. Laws in a Global Context 52-4a The Sarbanes-Oxley Act 52-4b Antidiscrimination Laws 52-4c International Tort Claims Chapter Recap Page 1 of 22 Print Chapter 2010-8-30 ..
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Chapter Introduction International business transactions are not unique to the modern world. What is new in our day is the dramatic growth in world trade and the emergence of a global business community. Because the exchange of goods, services, and ideas (intellectual property) on a worldwide level is now routine, students of business law and the legal environment should be familiar with the laws pertaining to international business transactions. Laws affecting the international legal environment of business include both international law and national law. International law can be defined as a body of law– formed as a result of international customs, treaties, and organizations–that governs relations among or between nations. International law may be public, creating standards for the nations themselves; or it may be private, establishing international standards for private transactions that cross national borders. National law is the law of a particular nation such as Brazil, Germany, Japan, or the United States. In this chapter, we examine how both international law and national law frame business operations in the international context. Page 2 of 22 Print Chapter 2010-8-30 ..
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52-1 52-1a International Law Ask the Instructor Video: International Law: Letter of Credit: A letter of credit is a financing device that enables foreign buyers and sellers to exchange payment and the goods at the same time. But the exchange isn't really simultaneous, is it? Sources of International Law International Customs Treaties and International Agreements International Organizations and Conferences The major difference between international law and national law is that government authorities can enforce national law. What government, however, can enforce international law? By definition, a nation is a sovereign entity–which means that there is no higher authority to which that nation must submit. If a nation violates an international law and persuasive tactics fail, other countries or international organizations have no recourse except to take coercive actions– from severance of diplomatic relations and boycotts to, as a last resort, war–against the violating nation. In essence, international law is the result of centuries-old attempts to reconcile the traditional need of each country to be the final authority
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This note was uploaded on 10/12/2011 for the course ACCT 362 taught by Professor Mint during the Fall '11 term at CUNY Queens.

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BL-Chapt52 - Print Chapter Page 1 of 22 International Law...

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