Common Law And Civil Law

1298 Words6 Pages
There are two main categories of the legal systems which is common law and civil law. There are around 80 countries which recognize the common law system. The civil law system applies to about 150 countries. The primary importance in a common law country is case law. Civil law countries have predominate codified statutes. An important factor to international business is the legal system. The market attractiveness of a country can be affected by differences in legal systems. Business practices are regulated by the country’s law. Policies are defined as well the rights and obligations in business transactions. The legal framework for business to be conducted is defined by the country’s government. There will be variances in laws country to country. Sound business decisions can be made by acquiring knowledge about common laws and civil laws of different countries. Contract and contract law regulate several business transactions. The jurisdiction process of a common law system is expensive. The common law system has a greater flexibility. Contract disputes are interpreted by judges in comparison to the civil law system. The property rights of most countries are not enforced local authorities. Although most of these countries have laws established to the protect property rights of investors. There are two ways in which property rights can be violated. Violations can occur Private action through private action or by public action. Piracy, theft, and blackmail are all categorized
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