IB0017 –International Business Environment and International Law

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ASSIGNMENT

 

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

Q.1 What are the different types of economic systems? Why is economic environment important to analyze. Explain with examples.

 

Ans : Economic System Definition:

 

An economic system is a system that involves the production, distribution and consumption of goods and services between the entities in a particular society. The economic system is composed of people and institutions, including their relationships to productive resources, such as through the convention of property.

 

Types of Economic Systems:-

 

1. Capitalism :-

 

Capitalism is the economic system in which the means of production are owned by private persons, and operated for profit and where investments, distribution

 

 

 

Q.2.Discuss the process of international negotiation. Elaborate on any 2 different styles of negotiating.

 

Ans : International negotiation Definition:-

 

International negotiation is as it says: inter-national. It is about negotiation between countries. International negotiation occurs all the time between governments and is the main subject of this page. It also happens between individuals and companies, where the traps and tricks of cross-border negotiation can ensnare even the most experienced home-country negotiators. International negotiation is often not just between individual people, but between large delegations, each of which is well organized and where every person has specialized and skilled work.

 

 

 

 

Q. 3 Evaluate various elements involved in a contract.

 

Ans :  A contract has been defined in Section 2(h) as “an agreement enforceable by law.” To be enforceable by law, an agreement must possess the essential elements of a valid contract as contained in Sections 10, 29 and 56.

The essential elements of a valid contract may be summed up as follows:

 

1. Offer and acceptance:

 

There must be a ‘lawful offer’ and a ‘lawful acceptance’ of the offer, thus resulting in an agreement. The adjective ‘lawful’ implies that the offer and acceptance must satisfy the requirements of the Contract Act in relation thereto.

 

2. Intention to create legal relations:

 

There must be an intention among the parties that the agreement should be attached by legal consequences and create legal obligations.

 

 

Q.4 Write short notes on:

a) Corporate governance

b)Articles of Association

 

Ans :  (a) Corporate Governance

 

Corporate Governance meaning:- Corporate Governance may be defined as a set of systems, processes and principles which ensure that a company is governed in the best interest of all stakeholders. It is the system by which companies are directed and controlled. It is about promoting corporate fairness, transparency and accountability. In other words, ‘good corporate governance’ is simply ‘good business’. It ensures:

• Adequate disclosures and effective

 

 

(b) Articles Of Association

 

Definition of  Articles Of Association:- A document that specifies the regulations for a company’s operations. The articles of association define the company’s purpose and lays out how tasks are to be accomplished within the organization, including the process for appointing directors and how financial records will be handled.

• Contents of Articles Of Association:- The following is largely based on British Company Law, references which are made at the end of this

 

 

Q.5 Elaborate on the roles of:

a)WTO

b)EXIM bank of India

 

Ans : (a) WTO:

 

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.

 

Functions of WTO:-

 

The former GATT was not really an organisation; it was merely a legal arrangement. On the other hand, the WTO is a new international organisation set

 

 

 

Q. 6 What is international taxation and what are its principles? Analyze global taxation environment.

 

Ans : International taxation is the study or determination of tax on a person or business subject to the tax laws of different countries or the international aspects of an individual country’s tax laws. Governments usually limit the scope of their income taxation in some manner territorially or provide for offsets to taxation relating to extraterritorial income.

 

Principles of international taxation:-

 

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