Business Law: 62 the Nature of International Law | Free OER Textbook + Study Guide

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Two main sources CUSTOMARY INTERNATIONAL LAW and TREATIES.

Definition The power of a nation's laws to reach activities OUTSIDE of its physical borders. The power of a nation to impose its la

Historical role Before the 1900s, custom was the PRIMARY way international law was created.

Modern trend After World War II, many areas of customary law became the basis for UN Conventions. The trend now is to reduce legal ob

Type Anti-corruption law Prohibition: US companies and their employees are PROHIBITED from paying bribes to foreign officials

Adoption US and most trading partners have adopted CISG. Notable exception: United Kingdom has NOT adopted CISG.

Purpose Reduce trade barriers among nearby member nations, promoting international commerce within a region.

ALSO US International Trade Commission investigates import injuries such as dumping and subsidized imports.