17:45
boss got back from lunch in time lol
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Simple English definitions for legal terms
transnational law
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A quick definition of transnational law:
Transnational law refers to a set of rules that deal with problems that arise when people or companies from different countries make agreements with each other. These rules combine principles from both domestic (within a country) and international law. They help to solve problems that come up when countries and foreign parties work together. Transnational law is different from international law, which deals with the relationships between countries.
A more thorough explanation:
Transnational law refers to a combination of common principles from both domestic and international law. It deals with issues that arise from agreements made between foreign private parties and sovereign states.
For example, if a company from one country enters into a contract with a company from another country, transnational law would apply to any legal disputes that may arise from that agreement. Another example would be a multinational corporation operating in multiple countries and having to navigate different legal systems and regulations.
Transnational law is important because it helps to provide a framework for resolving legal disputes that cross international borders. It also helps to ensure that agreements between different countries and private parties are fair and equitable.