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Title: LEGAL NORMS IN BUSINESS
Description: A legal norm is a binding rule or principle, or norm, that organisations of sovereign power promulgate and enforce in order to regulate social relations.
Description: A legal norm is a binding rule or principle, or norm, that organisations of sovereign power promulgate and enforce in order to regulate social relations.
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LEGAL NORMS CLASS NOTES
Why is it necessary to include a choice-of-law clause in a contract?
Eliminating uncertainty in contracts reduces drawn-out disputes and high legal bills
It avoids surprises
...
What aspects of national law will have effect on the contract even if applicable law of a
contract is chosen to be another country's law?
(a) A contract shall be governed by the law chosen by the parties
...
By their choice the parties can select the law applicable to the whole or to part only of the
contract
...
(b) Absence a choice of law by the parties, a contract is governed by the law with which the
contract is most closely connected
(c) Contracts are most closely connected with the law of the country where the party required to
affect the characteristic performance has its habitual residence, seat or place of business
...
(e) The law applicable to a contract by virtue of this Principle shall govern in particular:
i)interpretation
...
iii)the consequences of a total or partial breach of obligations, including the assessment of
damages in so far as it is governed by rules of law
...
v)the consequences of nullity of the contract
...
Mediation is an ADR method where a neutral and impartial third party, the mediator, facilitates
dialogue in a structured multi-stage process to help parties reach a conclusive and mutually
satisfactory agreement
...
Conciliation is a method employed in civil law countries,
Conciliation tries to individualize the optimal solution and direct parties towards a satisfactory
common agreement
How can a foreign court decision be enforced?
If the time to appeal in the court of origin has lapsed, and the judgment has become final, the
holder of a foreign judgment, decree or order may file suit before a competent court in the U
...
which will determine whether to give effect to the foreign judgment
...
•
The foreign court did not have personal jurisdiction over the defendant
...
•
The defendant did not receive notice of the proceedings in sufficient time to enable him
to defend
...
•
The judgment is repugnant to the public policy of the state where enforcement is sought
Benefits of arbitration
•
The speed and informality of the arbitration process is claimed to be a major reason
why many businesses select arbitration over litigation
...
•
The two parties to the arbitration have control over the selection of the arbitrator, as
compared to a court case in which the judge and jury selection is out of the hands of the
two parties
...
"
•
Arbitration is a less formal process, which makes the process move faster
...
Drawbacks of Arbitration
On the other hand, those who argue against using arbitration cite these issues:
•
The lack of a formal evidence process, which means you are relying on the skill and
experience of the arbitrator to sort out the evidence, rather than a judge or jury
...
•
The lack of a formal appeals process, and the (usually) binding nature of the process
...
•
Mandatory arbitration clauses in consumer contracts and employment contracts often
work in favor of the company rather than the employee or consumer
...
If an arbitrator has a history of siding against one
side in a dispute, that arbitrator may not be chosen, against an arbitrator who has a history
of being partial to one side or another
...
Title: LEGAL NORMS IN BUSINESS
Description: A legal norm is a binding rule or principle, or norm, that organisations of sovereign power promulgate and enforce in order to regulate social relations.
Description: A legal norm is a binding rule or principle, or norm, that organisations of sovereign power promulgate and enforce in order to regulate social relations.