Written Assessment item 1: International Business Law
LAWS20038: International Business Law
Group work: THI DIEU NGOC NGO – S0234837
BRUNO COELHO SIMONE – S0236493
DIAGO BERNAL – S0236497
Question 1 20 Marks
International business law is a set of regulations and rules governing the relationships of nations with other nations, the relationships of nations with international organisations and individuals. The international business law include both public law and private law. Public law is concerned the right and responsibilities of nations in the relationship of each other, for example, an agreement to set tariff rates on import, or places public controls on an otherwise private transaction such as criminal penalties imposed on an individual or corporation for making a false customs declaration. Private law is a body of rules which affect dealings between companies or individuals operating in an global environment such as regulations for transactions of international business including sales of contracts, international shipping. Domestic law (municipal law) is a collection of rules dealing with the relationships between individuals and organizations within a nation. Municipal law contain national law, state law and law at provincial, territorial, regional or local levels as well.
Two central respects to distinguish between international business law and municipal law are the law making process and enforcement. First, in terms of the law – making process, there is no supreme lawmaking body in the international business law. International law consists of rules and regulations that countries agree to follow. In other words, it is lawmaking by choices and by consents. Treaties are made based on the negotiations between nations on a needed purpose and nations which are bound by treaties must be parties. Therefore, the existence of international business...