StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

International Legal Transactions - Assignment Example

Cite this document
Summary
Bribery of public officials has always been considered a serious crime under international law worthy of all efforts to expunge it from the face of the earth. In fact, the French newspaper Nouvel Observateur in 1999 listed it as one of the 22 international crimes. The…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER93.4% of users find it useful
International Legal Transactions
Read Text Preview

Extract of sample "International Legal Transactions"

Download file to see previous pages

There are two kinds of bribery, both of which are anathema to international law. Active bribery is the deliberate “promising, offering, or giving by any person, directly or indirectly, of an undue advantage to any of its public officials… to act or refrain from acting in the exercise of his or functions, whether the undue advantage accrues to the official or to a third person”. On the other hand, passive bribery is the “request or receipt…or acceptance of an offer or promise of such an undue advantage by a public official (Deming 106).

Definitely, international law provides the Anglian Ministry of Justice with legal bases for prosecuting LuxAuto and its officials for engaging in the active bribery of foreign public officials i.e. that of Maurya. primarily because of the leadership of the United States which in 1970 enacted RICO or the Racketeering Influenced and Corrupt Organization Act and then in 1977, the Foreign Corrupt Practices Act(FCPA). Realizing the magnitude of the pernicious effects to the economy and the morality and the morale of the citizens by the bribery of public officials and the fact that judges and public offices were already available for a price, the USA via FCPA tirelessly and actively pursued the prosecution of US companies in American courts for the bribery of public officials even if the transactions occurred in foreign shores.

Soon, 34 US companies were prosecuted for involvement in foreign bribery and 7 civil actions were successfully pursued (Bannon & Collier 305). Because the playing field was disadvantageous to US multinational companies which allegedly lost out against foreign MNCs, US lobbied hard to make an international law that was similar to FCPA but globally encompassing and enforceable with the International Court of Justice. The solution proved to be the convening of 29 members and 5 non-members of the OECD or Organization

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“International Legal Transactions Assignment Example | Topics and Well Written Essays - 1250 words”, n.d.)
International Legal Transactions Assignment Example | Topics and Well Written Essays - 1250 words. Retrieved from https://studentshare.org/miscellaneous/1554043-international-legal-transactions
(International Legal Transactions Assignment Example | Topics and Well Written Essays - 1250 Words)
International Legal Transactions Assignment Example | Topics and Well Written Essays - 1250 Words. https://studentshare.org/miscellaneous/1554043-international-legal-transactions.
“International Legal Transactions Assignment Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/miscellaneous/1554043-international-legal-transactions.
  • Cited: 0 times

CHECK THESE SAMPLES OF International Legal Transactions

Substance of a transaction

hellip; If information is to represent faithfully the transactions and other events that it purports to represent, it is necessary that they are accounted for and presented in accordance with their substance and economic reality and not merely their legal form.... If information is to represent faithfully the transactions and other events that it purports to represent, it is necessary that they are accounted for and presented in accordance with their substance and economic reality and not merely their legal form....
5 Pages (1250 words) Essay

Documentary Credit Transaction

Documentary Credit Transaction: Significance The globalization has expanded the network of credit transactions.... There were days when the credit transactions were confined within geographical terrains, but the global trade has conceived the concept of international banking.... The exchange of economic and trade relations have essentially required the development of the units which shall support and protect the credit transactions.... The concept of international banking system evolved with special provisions which secured the...
15 Pages (3750 words) Essay

Holding up general motors Issues in the fisher body case study

The paper will conduct a literature search and review that is related to a case study in transaction cost economics.... Focus will be upon General Motors and the Fisher Body Company, during the 1920s, in regard to the pertinent economics of organizations.... hellip; He subsequently held a number of insightful interviews with various automobile industry executives, critically regarding the issue at hand....
7 Pages (1750 words) Literature review

Economic Organization and Transaction Costs

An essay "Economic Organization and Transaction Costs" will conduct a literature search and review that is related to a case study in transaction cost economics.... The focus will be on General Motors and the Fisher Body Company in regard to the pertinent economics of organizations.... hellip; In the field of economics, transaction costs also known as frictional costs, regard the overall expenditure/ expenses incurred by firm-entities or enterprises during an economic exchange of goods and services....
9 Pages (2250 words) Essay

Currency Transactions and International Settlements

This paper 'Currency transactions and International Settlements" focuses on the fact that an incumbent international currency holds a built-in advantage in retaining its status, and in so doing, it pays for central banks to hold its foreign exchange.... nbsp;… Reserves in a currency are widely used for settling international financial transactions in which the markets are liquid and stable.... Other factors such as another country's arrival account for a significantly larger share of international financial and commercial transactions can manage to offset the advantages of incumbency....
9 Pages (2250 words) Essay

A Letter of Credit as a Payment System: International Sales Transactions

The work explains how the letter of credit is used for international transactions and how payments are guaranteed by banks.... hellip; A Letter of credit is a payment system generally used for international sales transactions.... Where letters of credits are used in international transactions, the risk associated with payment is transferred to the banks.... The paper describes the systems involved in the letter of credit payment from a legal standpoint....
25 Pages (6250 words) Research Paper

Use of Contracts Transactions in E-commerce

The paper "Use of Contracts transactions in E-commerce " states that when a transaction is initiated online, both the seller and buyer should know that they are bound by rules, and any attempt to go against the agreements therein can culminate into a lawsuit.... However, new challenges have been emerging in line with the evolving online market, thus it is important for all jurisdictions to keep their regulations in line with the most immediate technologies being used for online transactions....
8 Pages (2000 words) Assignment

International Transactions Law

The author discusses the statement 'the international transaction for the sale of goods is far too complex to attempt harmonization of international trade" and concludes that the purpose of international transactions laws is a formation of uniform and predictable policies that govern the transactions… The laws are meant to encourage international trade among different nations.... There has also been the development of standard contracts, which aim to achieve a fair balance in the transactions of sales....
8 Pages (2000 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us