International Business Law

Author: Tang Zhengxing / Zheng Daxuan
Publisher:
Publish Date: 2001-04-01
Features: With the formation of the global village and the globalization of international economic development, the boundaries between domestic and international trade in a country have become increasingly blurred. The birth of the WTO has further diluted the differences between domestic and international trade. Today, international business activities are no longer just simple commodity exchanges but include the flow of commodities, capital, labor, technology, information, and more across borders, with their business operations and scope experiencing unprecedented development. Therefore, to ensure the standardized and orderly conduct of commodity production, circulation, capital and technology movement, investment, credit, settlement, taxation, and other aspects in international economic exchanges, and to enable us to engage in normal foreign trade according to international relationship principles, international laws, international customs, international treaties, and international agreements in international business activities, while safeguarding our own legitimate interests, it is necessary to learn, understand, and master certain legal knowledge in international business.
Excerpt: Significance of Private Contracts
Private contracts play a key role in the law of international business transactions today. The law governing international sales and international banking transactions has been largely untouched by governmental and, with a few notable exceptions, legislative intervention. The special character of international business transactions has been reflected in the fact that the law governing private transactions has evolved slowly from private commercial practice to the degree that it has become custom and attained judicial and on occasion legislative recognition. The classic example of this process is in the area of marine insurance, where the London underwriters, especially the group originating in Lloyd's Coffee House in the 17th century, have come to dominate the world marine insurance market. The Lloyd's.