international business law vocab for chapter 2

MGMT 346

law of nation

Historically known as jus gentium, it outlines the rules nations and global entities use to interact.

roman law

governed public and private relations w/ foreigners and the rulers of foreign lands

public international law

rules that apply to the conduct of nations in their relationships w/ each other and w/ individuals as citizens or residents

private international law

rules that govern the rights and responsibilities of individuals, corps, or other private parties in their cross-border or international activities; as well as procedural rules for how courts resolve private international disputes

treaty

legally binding agreement between two or more nations that is recognized and given effect under international law

bilateral

treaty between two countries

multilaterial

treaty between 3 or more countries

convention

legally binding multilateral treaty on matters of common concern, usually negotiated on regional or global basis and open to adoption by many nations

protocol

an agreement that modifies or adds to a treaty or convention, or deals w/ matters less significant than those dealt within treaties

signatories

nations that express their willingness to join a treaty

ratification

formal agreement of a signatory nation to be bound by the treaty, usually by its own legislative approval

contracting parties

countries that have ratified

reservation

an exception to a treaty set out by a signatory country at the time of ratification

abrogation

an act of national legislature that renders null and void in that nation

self-executing treaty

mostly used in the US, to decide if international treaty acts as domestic law after ratification

direct effect

used more in the EU, lets private individuals use EU rules and treaties directly in their national courts

nonself-executing treaty

requires some additional legislative or administrative act before it becomes enforeable in national courts

FCN treaties

bilateral agreements that provide a broad range of protection to foreign nationals doing business in host country

customary international law

body of commonly accepted rules of conduct, or international norms

international norms

consistent and long-standing practices that nation have followed out of sense of binding obligation

international business law

body of law and regulations, derived from national and international sources, that governs cross-border business transactions, the activities of those business in foreign countries or subject to the jurisdiction of foreign courts, and resolution of international disputes

law merchant

maritime law, accepted customs and practices of ancient and medieval merchants, traders, bankers, mariners, and ship owners

jurisdiction

power of a court to act

extraterritoriality jurisdiction or extraterritoriality

principle that a nation can projet its laws (jurisdiction) beyond its territorial borders

territorial jurisdiction

nation’s jurisdiction over all persons, places, and property within the territory, airspace, or territorial waters of a country and to crimes committed on vessels flying that nation’s flag

nationality jurisdiction

individuals and corp citizens owe duties to comply w/ the laws of their countries of nationality no matter where they are in the world

protective jurisdiction

used on the basis of extraterritorial jurisdiction to prosecute terrorism, espionage, counterfeiting, making false statements to customs and immigration officers, and falsifying US gov docs

passive personality

jurisdiction gives country the right to hear cases stemming from crimes committed against their own citizens by noncitizens outside of their own territories

universality

principle of jurisdiction permits any country to prosecute perpetrators of most heinous and universally condemned crimes regardless of where crimes occurred or nationality of perpetrators or victims

compulsory jurisdiction

jurisdiction over any nation is completely voluntary in that no nation must appear unless it consents to jurisdiction

UN Global compact

partnership of international companies, public interest groups, and UN agencies that pledge to support a set of voluntary principles on human rights, labor standards, environment, and corruption

Coalition for Environmentally Responsible Economies

private and mostly American network of environmental groups, socially conscious investors, and companies committed to following CERES principles

CERES principles

set of 10 guidelines designed to regulate and monitor the conduct of corps in matters relating to the environment and product safety

ISO sustainability standards

an independent, nongovernmental international organization that develops and publishes management, safety, and other standards

code of conduct

help structuring relationships w/ suppliers or subsidiaries and ensures that corp values are being respected throughout value chain

civil law

includes most of Eastern and Continental Western Europe, Scandinavia, Latin America, Japan and Russia, more comprehensive, establishing general principles that are interpreted by judges and applied to the cases before them; judge draw from code’s principles and doctrine to decide

mixed civil law

system include must of Africa and few parts of Asia and Pakistan and many Middle Eastern countries

Justinian code

classified legal rules and organized them into logical system that creates a “body” of law, in a form that could be learned, understood, and applied

Napoleonic code

used roman principles as basis for consolidating all french law into one code, the model for new legal systems in latin america

common law system

originated from Normandy (FRA), where reasoned decisions of judges become the law of the case, a legal precedent that binds judges in deciding similar cases in future

Sharia

meaning “divine law”, from the Quran, and requires reference to the fiqh for guidance; attempting to seek truth and divine word of God