Law Offices of Michael R. Doram
| What is law?
"Law" is the mechanism of social control. In the U.S., Supreme Court Justice Oliver Wendell Holmes defined law as "a statement of the circumstances in which the public force will be brought to bear by the courts." However, in some cultures "law" is more dependent on religious or cultural norms than judicial or governmental administrative procedures. In China, Confucius said that "a ruler should govern by means of virtue rather than law." What laws are applicable to international business transactions? International business transactions are usually governed by the laws of the nations having jurisdiction over the parties and transactions concerned. In addition, "customary" international law and bilateral and multilateral treaties may govern international business transactions. How are international business disputes resolved? Most disputes are resolved by negotiation. If negotiations are unsuccessful, arbitration by recognized arbitration institutions, such as the American Arbitration Association or the International Chamber of Commerce, may be used to resolve disputes. A small number of international commercial disputes are resolved by litigation in the national courts of one or more of the parties. |
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