What are the main sources of international commercial law?

International commercial law plays an essential role in regulating international transactions across borders. In Texas, the main sources of international commercial law are treaties, international conventions, international customs, and domestic law. Treaties are agreements between two or more countries that create binding legal obligations for each signatory. The treaty may involve an exchange of goods and services, grant rights, or impose responsibilities on the parties involved. For instance, the United States and Mexico signed a treaty in 1994 to establish a free trade agreement known as NAFTA. International conventions are agreements between nations that create specific rules that must be followed in a specific situation. For example, the Convention on the International Sale of Goods, or “CISG”, is a treaty among 77 nations specifying how international sales of goods should be conducted. International customs are practices that have developed over time and become accepted as standards for international commercial relations. These customs are not legally binding but are considered a source of international law. An example of an international custom is the “force majeure” principle which may excuse a party’s non-performance if a threatened or actual event beyond their control occurs. Lastly, domestic law is the law of the country where a contract is formed. It may include both international and national trade laws. The Texas Business and Commerce Code, for example, includes provisions on international trade and contract law. In sum, treaties, international conventions, international customs, and domestic law are the main sources of international commercial law in Texas. These laws play an essential role in ensuring fair and equitable international transactions.

What are the main sources of international commercial law?

Related FAQs

Related Blog Posts