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Contract Law in Different Countries Essay

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Updated: Sep 14th, 2021

Abstract

Each nation, territory or country possesses its own set of laws. The laws clarify and distinguish certain jurisdictions, especially in case of application of laws to certain situations and persons, i.e., conflicts of law. It becomes the basis of court cases especially when it comes to making decisions in terms of its outcomes. It would be beneficial and advantageous if these laws can be harmonizing. In International business and work several harmonizing process of international laws took place like consumer contracts, contracts of employment, material validity, formal validity, transfer obligation, etc. This creates few problems and complexity in international affairs. The applicability of certain laws therefore becomes the basis of a legal system and how this can be utilized in the greater complexity of certain involvements and participations. The harmonization of these different laws has been addressed through private international law or systems of conflict of laws. The need to harmonize these laws, as mentioned, can be seen in the fact that increasing globalization has led to more international transactions in which the participating parties are also protected by their respective national laws.

The European Union, together with some other nations, ratified a unification system for the application of contractual obligations that would be followed for the European Economic Community and its members. Many countries of Europe signed the Rome Convention after the preparation of it. The Rome Convention, as it came to be known, is the Applicable Law to Contractual Obligations and was convened to create at least a harmonized, if not a unified, body of law within the scope of the European Union. This article shows a comparison and indicates the preference to solve the problems. From the research of this article it is found that β€œLaw in Contract under the Rome Convention” is preferable than any other. This is because it gives more insights on the challenges faced by individuals in international transactions while undertaking contracts with respect to Rome Convention. The crux matter of the study is international private law and it is shown the utilization and enforcement of the arena of international business as well as in international relations. The study also showed the keen interest on the harmonization of private international laws and the challenges of the harmonizing process. Lastly, conflicts of law and harmonization process of international laws is the lifeblood of the research.

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IvyPanda. 2021. "Contract Law in Different Countries." September 14, 2021. https://ivypanda.com/essays/contract-law-in-different-countries/.

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IvyPanda. (2021) 'Contract Law in Different Countries'. 14 September.

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