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Provide a 8 pages analysis while answering the following question: International Business Risks. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is requir
Provide a 8 pages analysis while answering the following question: International Business Risks. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. Sales Convention and UNIDROIT Principles of International Commercial Contracts are quite prominent.
For the understanding of the international business the legal system of a country is essential, as the business practices of a certain county are being regulated by its laws. These business regulations set out the ways in which the business transactions are to be carried out and also define the liabilities and privileges to the parties involved in the transaction (contract).
There are broadly four basic legal systems that are being practiced around the world. Firstly it is the Islamic Law, secondly the Common Law, thirdly the Civil or Coded Law, and lastly the Marxist Legal System. They are discussed as follows:
The Islamic law is developed from the interpretation of the Holy Book Quran Majeed and the Hadith i.e. practices of the Prophet Mohammad P.B.U.P. The philosophy of law in Islamic community is greatly different from the one that is practices in the Western Countries.
One the most important aspect of the Islamic law is the undesirability of payment or receipt of interest. This prohibition of interest had also largely influenced the business and banking practices, though, the sanctity of contracts, risk sharing, individual's rights and duties, and property rights are welcomed. Moreover, investments in casinos, gambling and alcohol are strictly prohibited.
