Business Law Essay

Introduction
Law is a set of rules, enforceable by the courts, in order to maintain order and harm to persons and property. The law of contract which is a collective body of legal rules relating to legally binding agreements’ made between people in society. International business law associates with three types of international relationship, which are the relationship between states1 and states, the relationship between states and persons, and the relationship between persons and persons (August, et al, 2008). Previously, international business law was indicated the relationship between states and states. Furthermore, international business law can be defined as two categories which are private law and public law. Private international law means the law governing conduct between people (and organizations) from different states, when the transactions among private area. It includes the law of international sales, trade finance and letters of credit, distribution agreement, agreements with foreign sales representatives, licensing agreements, and other governing law. Public law means that the conventions, treaties, and agreements (GATT and NAFTA) which build by two or more states in order to make up a legal framework or relationships (August, et al, 2008). In positivist principles, international law comes into effect when states and states agree to form a legal framework (August, et al, 2008). Besides that, Article 38(1) of the Statute of the ICJ has listed down the sources or evidences which the international tribunals are determine the content of international business law (August, et al, 2008).
International trade law has started gradually in the past sixty years, which can be indicated that the business transaction (sale of goods) content a legal international element (Carr, 2010). The sale of goods can be defined as formation of contracts, agency arrangements, and exclusive sale arrangements (Cheng, 1990). There are few elements which are included in; the first...