Legal Agreements Around the World CHAPTER 8 11/16/2018 CHAPTER 8 Legal Agreements Around the World 8-1 International Legal Systems and Liability 8-2 Property And Contracts 8-3 Resolving Legal Differences INTERNATIONAL BUSINESS

LESSON 8-1 International Legal Systems and Liability GOALS Identify and describe the legal systems upon which international law is based. Explain product liability.

8 Legal Systems Civil law Common law Statutory law

Lawmaking Bodies of the Ten Most Populous Countries 8 Lawmaking Bodies of the Ten Most Populous Countries Rank Country Lawmaking Body 1 China National People's Congress 2 India Parliament 3 United States Congress 4 Indonesia House of Representatives 5 Brazil National Congress 6 Pakistan 7 Bangladesh National Parliament 8 Nigeria National Assembly 9 Russia Federal Assembly 10 Japan Diet Source: CIA World Factbook

8 Liability Liability is a broad legal term referring to almost every kind of responsibility, duty, or obligation. Liability for debt, loss, and injury Product liability Negligence Strict liability

LESSON 8-2 Property And Contracts GOALS Explain laws and international trade agreements that protect property rights. Describe when an agreement has all of the components of a contract.

Property Rights and Responsibilities 8 Property Rights and Responsibilities Property law Intellectual property Patents Trademarks Copyrights

Components of a Contract 8 Components of a Contract Capacity Mutual agreement Consideration Legal purpose

8 Contract Law A contract is a legally enforceable agreement between two or more persons either to do or not to do a certain thing or things. An implied contract is one that is not explicitly agreed to by the parties but is inferred either from the parties’ conduct or from the law. An express contract is one whose terms are openly declared, either orally or in writing.

Treaties and Trade Agreements 8 Treaties and Trade Agreements World Trade Organization (WTO) European Union (EU) North American Free Trade Agreement (NAFTA)

LESSON 8-3 Resolving Legal Differences GOALS Identify several different ways to resolve international legal disputes. Explain the litigation process. Describe the role of the International Court of Justice in international business.

Resolving Legal Differences 8 Resolving Legal Differences Without Court Action Mediation Arbitration Using Court Action Litigation

The International Court of Justice 8 The International Court of Justice Established by the UN Charter in 1946 Sits in The Hague Settles disputes between nations Advises UN on matters of international law