Contract law is the basis for business. Without contract law, business would not occur. Trust is established through contract law. Societies function due to the respect for law and order. Therefore, contract law strength is indicative of company strength. However, the strength of contract law varies by country. There are no international laws that are applied to every country.
What is a major requirement that should be put in a hypothetical international contract law? Why?
International contract law should provide uniformity and consistency across all countries so that there is an even playing field. Moreover, the contract should have a standardized dispute-resolution mechanism so that there is less uncertainty across the multiple legal systems across the world. Lastly, international contract laws should provide a framework that the international parties can rely on for facilitating international business transactions. All in all, international contract laws should provide stability and uniformity so there are fewer uncertainties seen in international business transactions.
Legalities become crucial when dealing with laws. The inclusion of clear and transparent jurisdictional clauses, would specify the legal jurisdiction that will govern the contract and any potential disputes. In addition emphasizing standardized protocols beyond just dispute resolution is crucial, ensuring predictability amid the diverse legal systems worldwide. Additionally, the contract should serve as a reliable framework, giving international parties a solid foundation to navigate and facilitate transactions. A streamline system is also important to facilitate business schedules/ventures.
