Legal System
- The legal system refers to the rules and laws that regulate behavior along with the processes by which the laws are enforced and through which redress for grievance is obtained.
- One can distinguish between 3 types of legal systems: (1) Common law (2) Civil Law (3) Theocratic Law
- Contract law is the body of law that governs contract enforcement. A contract is a document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved. Because common law tends to be relatively loosely specified, contracts drafted under common law tend to be very detailed with all contingencies spelled out; Under civil law systems, contracts tend to be much shorter and less specific because many of the issues are already covered in a civil code.
- United Nations Convention on Contracts for the International Sale of Goods (CIGS)
- International Court of Arbitration of the International Chamber of Commerce.