International Bussiness Law (Term Paper Sample)

INTERNATIONAL BUSSINESS LAW
Term paper
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Course: Art
Date: 1st December 2014
International business Law includes the appropriate rules and customs for handling trade or business between countries. It is also branch of law which is an independent field of study as most governments have become part of the world trade. It is the standardization of fundamental business practices worldwide. It is a function of increasing global interdependence. International business, by its very structure, transcends national states and is inherently lawless
Functions of international business laws
International business law is having a single legal framework that governs international transactions saves money by simplifying the costs of compliance. If a firm had to modify its functioning based on each state's legal structure, the costs of doing business overseas would be very high. Having an international business laws saves time and money. International business law has several sources for basic legislation. Primarily, major financial institutions that back groups such as the International Monetary Fund and the World Bank are major legislators of basic business practices. In addition, regional organizations such as the European Union, the Arab League, and the Association of East Asian Nations are also sources of international law and practice in business.
Features of international business laws
The basic features of International business law concern protections for intellectual property, contract enforcement, environmental protection and labor standards (van den Bossche 2008). The main target is to create uniform standards. This may include creation of common currency and trading co...