Addressing International Legal and Ethical Issues Simulation Summary
Addressing International Legal and Ethical Issues Simulation Summary
LAW/421
August 6, 2013
Addressing International Legal and Ethical Issues Simulation Summary
International trade is important and beneficial to business. However, international trade guides a safeguard of interests, specific business contract, defined law, forum of dispute settlement, and understanding of contract clauses. “A working knowledge of international law helps business owners and managers with global interests reduce risk and increase profits” (Melvin, 2011, P. 631). This enlightenment will address the international legal and ethical issues involved in international business transactions and compare such to domestic business operations.
Resolving legal disputes
Business internationally, enviably creates change in legislation, interest conflict, and rise of ethical dilemmas. When international business arises, business owners, and management must use precaution to avoid ethical, legal, and cultural issues. Business must prepare the unexpected to ensure success. Often conducting foreign business requires the parties to set standard law, determine how to settle disputes, and define contract clause to determine the correct business decision applicable through contracts.
Action against foreign businesses
Foreign businesses commonly use contracts for the international sale of goods as standard law. “Contracts for the international sale of goods was created by the U.N. Commission on International Trade Law to establish uniform rules for drafting certain international sales contracts” (Melvin, 2011, P. 634). Often foreign business use alternative dispute resolution to resolve contract conflicts that arise. Third parties ensure the safeguard of interest, standard law, and clause through such business contracts. International arbitration is the first resort to solve contract disputes. When arbitration fails and foreign parties belong to the World Trade Organization (WTO), the
LAW/421
August 6, 2013
Addressing International Legal and Ethical Issues Simulation Summary
International trade is important and beneficial to business. However, international trade guides a safeguard of interests, specific business contract, defined law, forum of dispute settlement, and understanding of contract clauses. “A working knowledge of international law helps business owners and managers with global interests reduce risk and increase profits” (Melvin, 2011, P. 631). This enlightenment will address the international legal and ethical issues involved in international business transactions and compare such to domestic business operations.
Resolving legal disputes
Business internationally, enviably creates change in legislation, interest conflict, and rise of ethical dilemmas. When international business arises, business owners, and management must use precaution to avoid ethical, legal, and cultural issues. Business must prepare the unexpected to ensure success. Often conducting foreign business requires the parties to set standard law, determine how to settle disputes, and define contract clause to determine the correct business decision applicable through contracts.
Action against foreign businesses
Foreign businesses commonly use contracts for the international sale of goods as standard law. “Contracts for the international sale of goods was created by the U.N. Commission on International Trade Law to establish uniform rules for drafting certain international sales contracts” (Melvin, 2011, P. 634). Often foreign business use alternative dispute resolution to resolve contract conflicts that arise. Third parties ensure the safeguard of interest, standard law, and clause through such business contracts. International arbitration is the first resort to solve contract disputes. When arbitration fails and foreign parties belong to the World Trade Organization (WTO), the
References: Apollo Group. (2004). Addressing international legal and ethical issues [Multimedia]. Retrieved from Apollo Group, LAW421 - Contemporary Business Law website. Melvin, S. P. (2011). The legal environment of business: A managerial approach: Theory to practice. New York, NY: McGraw-Hill/Irwin. World Trade Organization. (2012). Retrieved from http://www.wto.org/english/tratop_e/trips_e/public_health_faq_e.htm