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Lecture

Chapter 3 (2).pdf

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Department
Commerce
Course
COMMERCE 4SA3
Professor
sfs
Semester
Summer

Description
Chapter 3 Legal technological accounting and political environmentsLEGAL ENVIRONMENTCOMMON LAWCommon law is based on the cumulative wisdom of judges decision on individual cases through historyStatutory law those enacted by legislative action also vary among the common law countries CIVIL LAWCivil Law is based on codication or detailed listing of what is and is not permissibledifference between common law and cicil law system is apparent in the roles of judges and lawyersCommon law system the judge serves as a neutral referee ruling on various motions by opposing parties lawyers caseslawyers are responsible for developing their clientsCivil law the judge takes on many of the tasks of the lawyers determining for example the scope of evidence to be collected and presented to the court RELIGIOUS LAWReligious Law is based on the ofcially established rules governing the faith and practice of a particular religion Theocracy is a country that applies religious law to civil and criminal conductBUREAUCRATIC LAWBureaucratic Law is whatever the countrys bureaucrats say it is regardless of the formal law of the landlegal system in communist countries and in dictatorship is often described as bureaucratic lawprotections that may appear in the countrys constitution may be ignored if government ofcials nd them inconvenientDOMESTICALLY ORIENTED LAWSsometimes laws of a country in which an international business operates play a major role in shaping opportunities available to that rmsome laws are primarily designed to regulate the domestic economic environmentthis affects rms domestic operationsthis may indirectly affect the ability of domestic rm to compete internationally by increasing their costsreducing their price competitiveness relative to foreign rmsLAWS DIRECTLY AFFECTING INTERNATIONAL BUSINESS TRANSACTIONSsuch laws are often politically motivated as designed to promote a countrys foreign policy or military objective
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