International Business Law

• Law shapes business success through: compliance, exposure minimisation, create strategic advantages
• Law is a set of enforceable rules that regulate: the government, relationships between organs of the government, subject of the state, the relationship between subjects of the state
• Laws can be regarded as incentives for changing behaviour and instruments for policy objectives
• The purpose of criminal law is to deter or rehabilitate offenders
• The purpose of civil law is to compensate a person that has suffered injury or loss due to acts or omissions of another
• In criminal law the state prosecutes the defendant
• In civil law the claimant initiates a claim against the defendant
• In criminal law the burden of proof is on the prosecution
• In civil law the burden of proof lies on the claimant/plaintiff
• In criminal law the standard of proof is beyond a reasonable doubt
• In civil law the standard of proof is the balance of probabilities (more than 50% certain)
• Primary EU law is binding agreements between member states
• Delegated legislation is made by bodies other than parliament, power given to bodies by parliament
• Delegated legislation going beyond the power of the enabling act is said to be "ultra vires: and can be invalidated by courts
• Public law regulates the relationships between government organs and the relationship between the state and citizens
• Private law governs the relationships between individuals and businesses
• Civil law and private law are synonymous
• Criminal law is a component of public law
• Judges of lower courts must apply legal standard set by higher or same status courts, if facts are broadly similar (Doctrine of precedent)
• Ratio decidendi is the legal principle behing a court's decision (binding for lower courts)
• Obiter dictum is a statement made by a judge in a court decision that is not directly relevant to the case at hand (not binding on lower courts)
• A contract is an agreement between two or more persons intended by them to be legally binding and enforceable by law
• Freedom of contract refers to parties being free to make their own bargains
• Freedom of form refers to the fact that contracts can be written, oral or inferred by conduct
• The essential elements of a contract include agreement, consideration, intention to create legal relations, capacity to contract, compliance with formality
• Consideration as an element of a valid contract refers to exchange of value
• A void contract: lacks essential legal elements, it was never legally valid, neither party can enforce it
• A voidable contract: is initially valid, but can be terminated by a party, for example, if the other party fails to perform
• An unenforceable contract may be valid but cannot be upheld in court (for example a contract that exists only orally when it should have been written)
• In bilateral contracts each party makes a promise
• In unilateral contracts only one party makes a promise
• An invitation to treat is a willingness to negotiate, not a definite offer ready for acceptance
• An offer may be accepted at any time until it is terminated
• International or supranational law refers to agreements made between states (e.g. WTO law)
• Primary EU law refers to binding agreements between EU member states
• Secondary EU law refers to rules derived from principles in treaties, regulations immediately become national law, directives sets objectives gives some freedom for national law
• In secondary EU law a decision is a binding legal act for the state it was addressed to
• Recommendations and opinions are a part of secondary EU law which allows EU to voice concerns and suggest action
• A tort is a civil wrong that causes harm to a person or property
• The law of torts covers: personal injury, property damage, and economic loss