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International trade law

From Academic Kids

International trade law is a misnomer. Since there is no international governing body over Trade; there cannot be, in that sense, a Law. What is usually meant by the term is the means of finding out appropriate rules and customs for handling trade between countries or between private companies across borders.

The standard for determining dispute resolution has been traditional maritime law. Maritime law is the "oldest law on the books" in that sailing between countries has been going on for centuries and what has been customary on the seas has been extrapolated for use in present day.

Since there are no international governing judges (2004) the means of dispute resolution is determined by jurisdiction. Each individual country hears cases that are brought before them. Governments choose to be party to a dispute. And private citizens determine jurisdiction by the Forum Clause in their contract.

Besides forum, another factor in international disputes is the rate of exchange. With currency fluctuation ascending and descending over years, a lack of Commerce Clause can jeopardize trade between parties when one party becomes unjustly enriched through natural market fluctuations. By listing the rate of exchange expected over the contract life, parties can provide for changes in the market through reassessment of contract or division of exchange rate fluctuations.

There are three types of law around the world: Civil Law as in France and Germany, etc.; Common Law as in England, Australia, India and the United States, etc. and Theocratic Law as in Iran and Pakistan, etc. In Civil law the prosecutor and the judge are on the same side which in effect is "guilty until proven innocent." In Common law the prosecutor/plaintiff and defendants argue against each other before an impartial judge which is "innocent until proven guilty." And Theocratic law is where the religious body of the country evaluates your guilt or innocence which becomes "God help you."

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