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Click to edit Master title style,*,*,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,International Business Law,Lecture 1,Introduction to International Commercial law,1,A. WHAT IS INTERNATIONAL Commercial LAW?,Defined,: The body of rules and norms that regulates the international commercial transactions and the activities of business firms.,The following international relationships are governed by international commercial law:,Sales of goods.,Intellectual property rights.,International flow of funds and labor.,2,B. THE HISTORY OF INTERNATIONAL LAW,The ancient Roman law,Law Merchant (Middle Ages),Domestic law (since 17,th,century),International commercial law,3,C. SOURCES OF INTERNATIONAL COMMERCIAL LAW,International conventions.,International business custom.,4,C. SOURCES OF INTERNATIONAL COMMERCIAL LAW,Treaties and Conventions -,The most important sources of international commercial law.,Treaties,: agreements between one or more nations.,Conventions,: agreements sponsored by international organizations.,5,C. SOURCES OF INTERNATIONAL COMMERCIAL LAW,Reasons for binding effect of treaties,:,Shared sense of commitment.,Because one country fears that if it does not respect its promises, other countries will not respect their promises.,Rules governing treaties,:,Traditionally customary.,Now codified in the,Vienna Convention on the Law of Treaties,(in force since 1980).,6,C. SOURCES OF INTERNATIONAL COMMERCIAL LAW,Custom,Defined,:,Rules that have been around for a long time or which are generally accepted.,INCOTERMS 2000,UCP500,7,D. THE MAJOR LAW SYSTEMS IN THE WORLD,Continental law system,Common law system,British law,American law,8,E. COMPARISON OF INTERNATIONAL COMMERCIAL LAW WITH OTHER LAWS,Comparison with International Law,Comparison with International Conflict Law,9,
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