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Ch. 19: International Law in a Global Economy - No. 1
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
Ch. 19: International Law in a Global Economy - No. 2
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
SOURCES OF INTERNATIONAL LAW
International Customs: Practices that have evolved among
nations in their relations with one another;
Treaties: Formal agreements between two (bilateral), or
among several (multilateral), countries that each country’s
domestic government has authorized or ratified; and
NATIONAL LAW SYSTEMS
Common law systems, such as those in the United States, the
United Kingdom, and most of their former colonies or
on statutory, or “codified,” law. Prior judicial decisions have
no binding authority except as between the parties to the
decision.
Sharia: Public and private legal rules and principles
Ch. 19: International Law in a Global Economy - No. 4
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
KEY LEGAL PRINCIPLES AND DOCTRINES
Comity: One country’s deference to and willingness to
enforce the laws and judicial decrees of another country, as
long as those laws and decrees are consistent with the
Expropriation: Government seizure of private property
for public use with just compensation.
Confiscation: Government seizure of private property
engaged in commercial activity within, or having a
“direct effect” in, the United States; or
committed a tort within the United States or violated
Ch. 19: International Law in a Global Economy - No. 5
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
INTERNATIONAL BUSINESS
Direct Export: The sale of goods directly to a foreign
purchaser.
Indirect Export: The sale of goods abroad through some
sell a U.S. principal’s products in a foreign country.
Licensing: An agreement whereby a domestic company
permits a foreign company to produce and sell goods in the
foreign market using the domestic company’s materials or
Subsidiary/Joint Venture: Some U.S. firms expand into
foreign markets by establishing a wholly-owned subsidiary or
by entering into a joint venture with a company already in the
foreign market.
Ch. 19: International Law in a Global Economy - No. 6
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
INTERNATIONAL TRADE
Export Incentives: Devices designed to stimulate exports.
Export/Import Restrictions: Devices designed to limit or
prohibit exports/imports of certain goods or exports
to/imports from certain countries.
Dumping: Selling imports at less than their fair market value.
Normal Trade Relations Status: Each member of the World
Trade Organization is required to treat all other members at
DR) are examples of multilateral organizations and
agreements designed to promote freer trade and investment
between neighboring countries.
Ch. 19: International Law in a Global Economy - No. 7
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
INTERNATIONAL DISPUTE RESOLUTION
The New York Convention: Assists in the enforcement of
arbitration clauses. A court will compel the parties to arbitrate
their dispute if the all of the following are true:
1) There is a written or (recorded) agreement to arbitrate
the matter
2) The agreement provides for arbitration in a convention
Ch. 19: International Law in a Global Economy - No. 8
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
U.S. LAWS IN A GLOBAL CONTEXT
commerce as a matter of law.
International Tort Claims: The Alien Tort Claims Act
allows U.S. citizens to bring actions against companies
operating in other countries.
the Americans with Disabilities Act (ADA), and
Title VII of the Civil Rights Act of 1964, as amended,
unless doing so would violate the law of the country in which
the U.S. citizen is working. U.S. companies are not excused
simply because the foreign country’s domestic law does not
prohibit or restrict age, disability, race, ethnicity, national
origin, gender, or sexual orientation discrimination.
Ch. 19: International Law in a Global Economy - No. 2
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
SOURCES OF INTERNATIONAL LAW
International Customs: Practices that have evolved among
nations in their relations with one another;
Treaties: Formal agreements between two (bilateral), or
among several (multilateral), countries that each country’s
domestic government has authorized or ratified; and
NATIONAL LAW SYSTEMS
Common law systems, such as those in the United States, the
United Kingdom, and most of their former colonies or
on statutory, or “codified,” law. Prior judicial decisions have
no binding authority except as between the parties to the
decision.
Sharia: Public and private legal rules and principles
Ch. 19: International Law in a Global Economy - No. 4
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
KEY LEGAL PRINCIPLES AND DOCTRINES
Comity: One country’s deference to and willingness to
enforce the laws and judicial decrees of another country, as
long as those laws and decrees are consistent with the
Expropriation: Government seizure of private property
for public use with just compensation.
Confiscation: Government seizure of private property
engaged in commercial activity within, or having a
“direct effect” in, the United States; or
committed a tort within the United States or violated
Ch. 19: International Law in a Global Economy - No. 5
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
INTERNATIONAL BUSINESS
Direct Export: The sale of goods directly to a foreign
purchaser.
Indirect Export: The sale of goods abroad through some
sell a U.S. principal’s products in a foreign country.
Licensing: An agreement whereby a domestic company
permits a foreign company to produce and sell goods in the
foreign market using the domestic company’s materials or
Subsidiary/Joint Venture: Some U.S. firms expand into
foreign markets by establishing a wholly-owned subsidiary or
by entering into a joint venture with a company already in the
foreign market.
Ch. 19: International Law in a Global Economy - No. 6
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
INTERNATIONAL TRADE
Export Incentives: Devices designed to stimulate exports.
Export/Import Restrictions: Devices designed to limit or
prohibit exports/imports of certain goods or exports
to/imports from certain countries.
Dumping: Selling imports at less than their fair market value.
Normal Trade Relations Status: Each member of the World
Trade Organization is required to treat all other members at
DR) are examples of multilateral organizations and
agreements designed to promote freer trade and investment
between neighboring countries.
Ch. 19: International Law in a Global Economy - No. 7
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
INTERNATIONAL DISPUTE RESOLUTION
The New York Convention: Assists in the enforcement of
arbitration clauses. A court will compel the parties to arbitrate
their dispute if the all of the following are true:
1) There is a written or (recorded) agreement to arbitrate
the matter
2) The agreement provides for arbitration in a convention
Ch. 19: International Law in a Global Economy - No. 8
Clarkson et al.’s Business Law: Commercial Law for Accountants (1E)
U.S. LAWS IN A GLOBAL CONTEXT
commerce as a matter of law.
International Tort Claims: The Alien Tort Claims Act
allows U.S. citizens to bring actions against companies
operating in other countries.
the Americans with Disabilities Act (ADA), and
Title VII of the Civil Rights Act of 1964, as amended,
unless doing so would violate the law of the country in which
the U.S. citizen is working. U.S. companies are not excused
simply because the foreign country’s domestic law does not
prohibit or restrict age, disability, race, ethnicity, national
origin, gender, or sexual orientation discrimination.
