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Questions and Answers
What is the primary function of judicial decisions in international law?
Which of the following defines a contract in contract law?
What is considered a primary source of international law?
Which element is NOT required for a valid contract?
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What is meant by 'diplomatic immunity' in international law?
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What is a key characteristic of general principles of law?
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What role do international organizations, such as the WTO, play in international law?
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Which component of a contract involves something of value exchanged between parties?
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What is the primary focus of international business law?
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Which of the following correctly categorizes the three types of international law frameworks?
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How is domestic law typically created?
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What aspect does public international law primarily govern?
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What is a significant challenge when considering international law?
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Which of the following best describes customary international law?
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What role does foreign law play in international business law?
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Which of these statements represents a key difference between domestic and international law?
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Study Notes
What is International Business Law?
- Governs international business transactions like trade, investment, contracts, dispute resolution, and intellectual property rights.
- Includes public and private international law, impacting national laws.
How International Business Law Works?
- Public International Law: Regulates relations between states and international organizations (e.g., treaties, conventions).
- Private International Law: Governs transactions between private parties across borders (e.g., international contracts, dispute resolutions).
- Foreign Law: Passed by a country and applies to international companies or individuals doing business there.
Differences Between Domestic and International Law
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Law-making Process:
- Domestic: National legislatures create laws, enforced by national courts.
- International: Treaties, conventions, and customs form international laws, requiring cooperation between countries for enforcement.
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Jurisdictional Challenges:
- Sovereignty: Each nation governs itself, resulting in varied legal systems.
- Extraterritoriality: A country's laws can apply to its citizens or entities beyond its borders.
Practical Example
- Businesses operating in multiple countries need to navigate varied legal requirements (e.g., labor laws, tax regulations, environmental standards).
Summary
- International business law governs business activities across borders, encompassing public, private, and foreign law.
Sources of International Business Law
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Primary Sources: Legally binding rules.
- Customary International Law: Practices consistently followed by states due to legal obligation.
- Examples include Diplomatic Immunity and Maritime Salvage Customs.
- General Principles of Law: Basic principles common to major legal systems (e.g., good faith).
Secondary Sources: Interpretation and Commentary
- Judicial Decisions: Courts interpret and apply international law.
- Scholarly Writings: Influence the development and interpretation of international law.
- International Organizations: Create, promote, and enforce laws (e.g., WTO).
Importance of Understanding Sources
- Crucial for interpreting and applying international business law.
Treaties and Conventions
- Formal agreements between states.
Relationship Between Conventions and Judicial Sources
- Conventions are primary sources, while judicial sources are supplementary.
Position of General Principles of Law
- Uncertain status; may have a separate standing between primary and secondary sources.
Equal Standing of Treaties and Customs
- Treaties often codify customary practices.
International Contracts
- Definition: Legally binding agreement between two or more parties.
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Elements of a Valid Contract:
- Offer: Proposal to enter into an agreement.
- Acceptance: Unconditional agreement to the offer terms.
- Consideration: Something of value exchanged between parties.
Labor Contracts
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Elements of a Valid Contract:
- Awareness: Both parties must intend legal binding.
- Legal Purpose: Contracts must comply with laws in all applicable jurisdictions.
- Legal Capacity: Parties must have the legal ability to enter into a contract.
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Description
This quiz covers the fundamentals of International Business Law, including its governance of international transactions like trade and contracts. It discusses the distinctions between public and private international law, as well as how these laws differ from domestic legislation.
