LAW/421
University of Phoenix
Oct. 22, 2012
International Legal and Ethical Issues
What are the issues involved in resolving legal disputes in international transactions?
When deciding to take legal action against a foreign business partner based in another country, its is important to consider their local cultures and customs. It is also important to have and understanding of their local laws. Language could be a barrier to resolving legal disputes in international transactions. One must understand that the United States laws are only upheld within the United States and not a foreign country. The law that matters is the enforceable law in that country.
What are some practical considerations of taking legal action against a foreign business partner based in another country? In taking legal actions against a foreign business partner based in another country, there are practical considerations to be considered. Of importance is to consider various clauses of the contractual legal agreements that were drawn when starting such a business. This agreement must be legally enforceable between two partners. Besides legal aspects of international business, one also needs to consider the cultural and ethical differences inherent in such business transactions that may affect business in the long-run There are many factors that work against foreign international business, in this case Cadmex 's Pharmaceutical company being granted licensing agreement. Of importance is the political and economic stability that is dictatorial nature of Candore country in which the partnering company is located. In addition, Candore is not a signatory to any of the major international trade conventions hence economic performance and growth may be unpredictable, hence affecting the alliance between the Cadmex and Gentura 's companies. Ethical and cultural issues are also very important between the two countries and hence must be put into consideration It is therefore important for a foreign company to understand all laws governing business relations in international areas. Consideration of local laws and customs that can hurt business relations into company 's objectives /goals in to provide a good business environment that does not hurt cultural beliefs of the employee and of the people is a prerequisite
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