International Contractual Relationships: Transnational Approach

Abstract

From the ancient law of Lex Mercatoria, which was an unwritten law followed by all the international traders and merchant of medieval times: International trade and commerce evolved to a newer system of laws in forms of conventions and treaties, binding as well as non-binding over nations worldwide. Since that evolving we reached to a few modern day international commercial laws: Modern trade law began shortly after the Second World War, with the negotiation of a multilateral treaty to deal with trade in goods that was known as the General Agreement on Tariffs and Trade (GATT). The research article focuses over different kinds of international commercial contractual relationships and their enforceability. It talks about different international commercial laws formed by international originations such as WTO, ICC and UNCITRAL. It also discusses the positive and negative comparisons point of the existence of such transnational contractual relationships in brief.