1. LEGAL ENVIRONMENT OF WORLD TRADE 1

2. THE BASES FOR WORLD LEGAL SYSTEMS: ISLAMIC LAW SOCIALIST LAW COMMON LAW CODE LAW

3. LEGAL ENVIRONMENT

4. ISLAMIC V. SOCIALIST LAW ISLAMIC Religious duties & obligations specific patterns of social and economic behavior Example: Riba SOCIALIST Formal tenets of Marxism Emphasis on public ownership of the means of production Example: State Enterprises

5. COMMON V. CODE LAW COMMON LAW Basis: tradition, past practices, and legal precedents Interpretation: through past decisions of higher courts CODE LAW Basis: all-inclusive system of written rules or codes. Three separate codes: –commercial –civil –criminal

6. International Legal Disputes: Jurisdiction Major Problem: No international body exists No formalized common international law Two situations –between a company and a government –between two companies

7. WHICH LAW GOVERNS?

8. LEGAL RECOURSE

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