1. Donna M. Kesot, CPCU
©April 3, 2012 edition

2. Legal International Business US Laws
Systems Law Factors
100 100 100 100
200 200 200 200
300 300 300 300
400 400 400 400

3.  Most countries fall into one of these two
legal systems

4.  What is civil-law system and common-
law system?
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5.  Civil-law systems developed within these
three subsystems

6.  What are Roman (and French) Law
 German Law, and
 Scandinavian (Nordic) Law?
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7.  Although Asian countries use forms of of
common-law and civil law systems, East
Asian Law relies upon this cultural custom

8.  What is a tradition of informal
compromise?
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9.  The Shari’ah consists of these two primary
sources of Islamic law from all legal
principals derive

10. What are Qur’an and the Sunnah?
 The Quar’an bestows authority to make
law and render interpretations
 The Sunnah mandates conduct
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11.  A treaty is an example of this type of law

12.  What is Public International Law?
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13.  In any international dispute, these factors
must be considered

14.  What is public and private international
law?
Rank order is to first use Public International
Law (treaties). If there is no treaty
governing the situation, then Private
International Law is used based on
laws in the countries involved
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15.  These two factors are considered when
applying Private International Law to
disputes

16.  What is:
1. Whether a court in one country will
recognize the decision of another
country’s court?
2. Whether a court has the right to hear
the legal dispute?
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17.  These prominent international
organizations and agreements affect
practically all international business
(name 5)

18. What are the:
 United Nations (UN)
 World Trade Organization (WTO)
 North American Free Trade Agreement (NATO)
 European Union (EU)
 Association of Southeast Asian Nations (ASEAN)
 Asia-Pacific Economic Cooperative (APEC)?
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19.  Currency based on a fixed rate of return

20.  What is pegged currency?
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21.  Valuations are linked to this in
international markets

22.  What is global exchange rates?
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23.  The taking of property from a company
is called this

24.  What is expropriation
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25.  This accounting method can be used in
the U.S. or international markets

26.  What is GAAP?
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27.  This U.S. law increased surveillance and
investigative powers of U.S. law

28.  What is the Patriot Act?
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29.  Government by elected representative

30.  What is democratic rule?
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31.  This entity established standards of
financial accounting and reporting in
the U.S.

32.  What is the Financial Accounting
Standards Board (FASB)?
 Current handbook
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33.  Prohibits bribes

34.  What is the Foreign Corrupt Practices
Act?
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