LEGAL SYSTEMS 09-02-2017

Date: 09/02/2017


Policy: It has assured to take the transition smoothly.

             Ex: Kirana to small super bazaars (small marts).

Legal: It is implementation and execution of policy.

Three types of laws :

Common Law: It is based on tradition, precedent and custom.

• Common law doesn’t fall under economic & religion.
• It is same for all countries.

Civil Law: It is based on a very detailed set of law originated into codes.

• In this law court can always interrupt and judge what is right and wrong.
• It varies from country to country. 

Theocratic Law: It is based on religious techniques.

• Ex: Sharia Law in Islamic countries.
• Ex: Confucius was the leader and teacher of religion in China. He is the one who amended Buddhism in China.
• It varies from country to country.

Differences in Contract Law

Question: In a contract dispute, which country's laws should apply?

Answer: The United Nations Convention in Contracts for the International Sales of Goods (CIGS), establishes a uniform set of rules governing certain aspects of the making and performance of everyday commercial contracts between sellers and buyers who have their places of business in different nations.

Contract: Which is read, understood and signed by both is called contract.

• It is different from agreement.
• No world body can take away the sovereignty of a particular country.
• In every contract there should be arbitrator.

Property Rights and Corruption

Property rights: The legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource.

Property rights can be violated by:

• Private action - Theft, piracy, blackmail and the like by private individuals or groups.
• Public action - Public officials export income or resources from property holders.
• Physical & Chemical property.
• Physical & Intellectual property.
• Chemical property - cannot be violated.
• Physical & Intellectual Property - can be violated and stolen. 
• Ex: In Gulf country there should be gulf resident partner to buy any property in gulf.

Foreign Corrupt Practices Act

The Foreign Corrupt Practices Act limits corruption in the U.S.

• It is illegal to bribe a foreign government official in order to obtain or maintain business over which the foreign official has authority.
• All publicly traded companies must keep detailed records so that it is clear whether a violation of the act has occurred.
• Facilitating or expediting payments to secure the performance of routine government actions are permitted.
• Government are the biggest purchasers in the country in all sectors.
• Ex: Military arms and Air crafts.
• CSD - Canteen Stores Department
• Corruption Law differs from country to country.

The Protection of Intellectual Property

Intellectual property: Property that is the product of intellectual activity.

Intellectual property rights include:

• Patents - Give the inventor exclusive rights to the manufacture, use or scale of that invention.
• Copyrights -  Exclusive legal rights of authors, composers, playwrights, artists and publishers to publish and dispose of their work as they see fit.
• Trademarks - Designs and names, often officially registered, by which merchants or manufactures designate and differentiate their products.
• Ex: Trademark - TATA (Corporate brand)
• Ex: Brand name - Made in U.S.A (Fake Brand name)
• U.S.A - Ullas Nagar Sindhi Association.

S. Somanath Deepak
(161353)

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