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The importance of international law to international traders
Finance & Accounting
Pages 9 (2259 words)
Topic: The importance of international law to international traders Introduction International law is basically the rules and principles which controls and governs the trade relations within different nations around the globe. The international law can be specifically defined as the relation between individuals and states, and relation between different organizations operating on a global level.
However, recently the line existing between private and public international law has been very unpredictable. Even though both these laws are connected, many times in certain areas of activities conflicts and contradictions can normally arise. 1 International Law includes the basic, classic concepts of law in national legal systems - status, property, obligation, and tort (or delict). It also includes substantive law, procedure, process and remedies. International Law is rooted in acceptance by the nation states which constitute the system. International law is a crucial aspect in international trading and it is mainly concerned with cross border transactions. Since international traders are highly subjected to international trade laws and policies, they work in good collaboration with legal professionals and international trade consultants. 1 Cornell University of Law School. 2010. International Law. [ONLINE] Available at: http://topics. law.cornell .edu/wex/ International _ law. [Accessed 18 February 11]. ...
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