Complete the Addressing International Legal and Ethical Issues simulation located on the student website. Write a 350-word summary. In your paper, answer the following questions:
What are the issues involved in resolving legal disputes in international transactions? •
Changes in legislation, clashes of interests, and ethical dilemmas •
It must ensure that the contract is legally enforceable
Unpredictability of the country’s economic scenario
Not a signatory to any of the major international trade conventions •
What are some practical considerations of taking legal action against a foreign business partner based in another country?
When doing business internationally, many unique factors must be considered. Two of the main issues that must be decided are choice of law and forum selection. Some of the issues involved that must be examined to make the first decision of choice of law are the international country’s current legislation, the level of predictability of the economic situation, if the country is a signatory to any of the major international trade conventions, and ensuring that the chosen contract will be legally enforceable in the international country. All of these must be carefully considered to ensure that if legal action must be taken against a foreign business partner, the contract will be enforceable, the international country will be treated fairly, and a just decision will be made and enforced. Before entering into an international business partnership, the legal course of action must be previously determined before hand. This ensures that the international company will be completely prepared in case legal action is required in the domestic contry. They must weigh the options between legal action in the domestic country, the international country, or an agreement of arbitration. The decision must also be made up front as to whether the arbitration would be legally binding or not.
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