International Business Law Assessment Assignment

International Business Law Assessment - Assignment Example In addition, the new generation business law include, market contestability which mainly focuses on anti competitive behavior and market contestability which deals with abuse of dominant position (Emerson 2009, p.78-80). Note however that, the arbitration system and enforcement capacities also have a role to play as far as business law is concerned. Under this sphere are the commercial courts and the specialized economic courts. They come in when transactions between parties are not honored and to a larger extent interpret business law to the affected parties. Business just like any other discipline which involves interaction between two or more parties cannot be wholly exonerated from instances of conflicts. This confirms the essentialities in existence of the two types of courts mentioned. To expound on our introductory classification on the already mentioned dimensions of business law, bussines law attempts to address diverse issues in a business. It enables swift and efficient en forcement of contracts ensures adequate legal protection to both private and personal property. It ensures clear frame work and mechanisms for transferring and registering property. Furthermore, it also sees to it that intellectual property get due protection and enforcement. Business law ensures stability and the existence of a frame work able to accommodate the management, oparations and establishment of companies. It foresees sound and secured regimes that can enable transactions making a business be able to obtain credit. Lastly, bussines law ensures a relatively easy and transparent market. To commence with, contract laws emphasis the fact that agreements made between or among parties in a transaction must be honored. This has mechanisms in place to ensure that parties uphold their terms of agreement throughout the transaction session. These laws protect mostly those transactions that are long term in nature. For example, an infrastructure contract between a company and the gov ernment. Such contract may span for several years which qualifies the need for mechanisms to be put in place to guide both parties during work progress until it is completed. Violation of any of these terms by any of the trading partners means that a contract law has been broken and this necessitates a further step from the affected partner. Contract laws also give a contracting partner the constitutional right to know if the other partner is credit worthy. This factor plays a role in preventing future payment disputes in case of defaults from any of the parties. This law ensures that there are mechanism and measures which are in place to enable debt recovery in circumstances of payment defaults. This may apply to scenarios where payments are made through cheques that bounce. Contract law empowers the courts to collect debts if such scenarios of payment default arise. Secondly there is high regard to property ownership which is protected in business law under the personal property r ights. These states that the owner of any property has got the due constitutional authority to sell, exchange, transfer or even consume his property. Property may be listed as buildings, land, physical possessions and also intellectual property which majorly encompass innovations of mind such as music or any other invention. For instance, a