(11.15) Lecture 5 - Sources of International Trade Law and International Private Law

International Trade Law

Law that regulates the rights and obligations of countries in their trade with one another.

National Laws

The primary source of international trade law that governs relationships between international corporations.

Conflicts of Law

Situations where different countries' laws apply to the same contract, leading to potential legal disputes.

Parties' Autonomy

The principle allowing parties to determine the content of their contracts, including the choice of applicable law.

International Conventions

Agreements signed by states aimed at harmonizing their legal systems.

Treaties

General agreements between states, such as the Treaty of the European Union.

Acts of International Institutions

Regulations and directives issued by institutions like the EU that have legal authority.

WTO Rules

Regulations issued by the World Trade Organization that member states may adopt.

Lex Mercatoria

A body of commercial law that has developed over centuries from common practices among merchants.

UNIDROIT Principles

General principles established by the International Institute for the Unification of Private Law.

INCOTERMS

International Commercial Terms that define the responsibilities of buyers and sellers during transport.

International Private Law

A set of national rules governing relations between individuals of different nationalities.

Applicable Law

The legal system or jurisdiction that governs a contract, as determined by the parties or specified rules.

Rome Convention

A legal framework determining which law applies to international contracts, particularly in Italian law.

Necessary Application Rules

Legal restrictions that prevent certain foreign laws from being applied in specific cases.

Public Order

The fundamental principles of a legal system that may restrict the application of foreign law.

Recognition of Foreign Decisions

The acceptance of foreign court rulings in domestic courts, which differs in the EU and outside it.

Arbitration

An alternative dispute resolution method where parties appoint arbitrators to settle disputes.

Jurisdiction

The authority of courts to interpret and apply the law.

Family Law

A legal area that often restricts the freedom to choose applicable law in international cases.

Harmonization of Laws

The process of creating common standards between different legal systems.

EU Law

Legal regulations established by the European Union that take precedence over national laws.

International Corporate Relationships

Interactions and legal agreements between corporations based in different countries.

Legal System

An organized system of rules and principles that governs a particular legal jurisdiction.

Commitment to Treaties

A state's obligation to adhere to international treaties it has signed.

Private Uniform Rules

Standardized rules developed by international institutions to facilitate international trade.

Common Commercial Practices

Widely accepted standards or behaviors in the conduct of commerce.

Legal Framework

The comprehensive structure of laws and regulations that governs a particular area, such as trade.

Proof of Validity

The requirement for judicial recognition that a foreign decision was made properly according to its original jurisdiction.

Dispute Resolution

The process by which disputes are settled, including through litigation or arbitration.

State Autonomy

The ability of states to govern themselves according to their own legal systems and principles.

Economic Power of the EU

The considerable influence the European Union holds over international economic regulations.

Contractual Complexity

The potential for disputes or misunderstandings resulting from complicated contracts.