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last week we began by asking what
is international business law and does it even exist?
in a way internationalizing the misnomer
because as we saw there are no
uniform codified sets of international legal rules
the rules there are cannot be enforced
an international court really only have jurisdiction
if the parties have agreed to it the concept of sovereignty
means that each state has the absolute authority
to govern itself so no set of super national rules
can supersede the country's own domestic rules
unless that country agrees to it sound confusing
let's begin by categorizing international law
so we can understand it better let's distinguish public international law
from private international law public international law
involves the relationships between nations
countries covers the law of treaties
which are agreements between countries as to how they'll behave
or what responsibilities they will undertake when most people think of
international law they think
the United Nations which embodies public international law
the second category
and one which every business person should be familiar with
is private international law this law encompasses
all the international legal rules that apply to private parties
such as businesses and individuals international commercial
and legal transactions for example
when you enter into a cross-border contract what law will apply
when you sell or transport goods to another country
who bears the risk of loss of those goods
what are the rules pursuing or looking for evidence
in other countries private international law
is also influenced by public international law
and the domestic law of each jurisdiction in domestic law
the main actors are individuals businesses
and the government but international law
is a bit more complicated when it comes to these players
this week you will analyze and identify the different actors in international
business law
and consider the difficulty and opportunities in establishing rules
to govern their behavior and relationships