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Common Law versus Civil Law
Terms in this set (18)
Private International Law
Body of law that applies to disputes arising from commercial transactions between companies of different nations.
One in which the legal system reflects the structural concepts and principals of the Roman empire in the sixth century.
In civil-law countries, the codes in which private law is cast are formulated
In broad general terms and are thought of as completely comprehensive, that is, as the all-inclusive source of authority by reference to which every disputed case must be referred for decision.
Many disputes are decided by reliance on the authority of past judicial decisions.
Common-Law legal system is based on the concept
Of precedent, sometimes calle stare decisis.
Precedent is the notion that past judicial decisions
On a particular issue are binding on a court when that same issue is presented later.
The law inferred from past judicial decisions
Is equal in importance to law set down in codes.
Common-law countries often rely on codification in certain areas
But these codes are not the all-inclusive, systematic statements found in civil-law countries.
The Uniform Commercial Code
Codifies a body of specifically designed rules covering commercial conduct.
In common-law countries, companies are legally incorporated
By state authority.
In civil-law countries, a contract between two or more parties
Who are fully liable for the actions of the company forms a company
The majority of countries have legal systems
Based on civil-law traditions.
Because Russian Law creates an unpredictable, evolving legal environment
Specialized publications such as The Russian and Commonwealth Business Law Report are important resources for anyone doing business there or the 10 other nations that comprise the Commonwealth of Independent States
The sharia is a comprehensive code governing Muslim conduct in all areas of life, including business.
In Islamic Law, the code is derived from two sources
The Koran and the Hadith
The Holy Book written in Arabic that is a record of the revelations made to the Prophet Mohammed by Allah
Based on the life, sayings, and practices of Muhammad.
Hadith spells out the
Products and practices that are haram (forbidden).
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