From the course: International Business and Finance

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English common law and international law

English common law and international law

From the course: International Business and Finance

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English common law and international law

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- [Presenter] A solid understanding of English common law is vital for businesses navigating complex legal environments across borders. English common law, developed over centuries in the United Kingdom, is one of the most influential legal systems in the world. Its key features include judicial precedent, flexibility and adaptability, and contract law. Judicial precedent means that decisions made by higher courts set binding examples for lower courts, ensuring consistency and predictability in court rulings. The English common law system is flexible and adaptable, meaning that it evolves with new judgements, adapting to societal and business changes over time. And then finally, a cornerstone of English common law is the element of contract law. This emphasizes the sanctity of agreements and provides clear rules for enforcing contracts, which of course, is critical for businesses. Many countries, including the United States, Canada, Australia, and India have legal systems that are…

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