Different legal systems

Different legal systemsCommon law - It is based on traditions and customs followed for centuries in a country . It has its root in the English common Law . It seeks the interpretation of the past decisions of higher Courts. Civil Law - It is based on very detailed set of laws , organised into codes .It had its root from Roman Law . It do not have much flexibility . Theocratic Law - This system is based on religious teaching . It is based on the Holy book Kuhran . Islamic Law is not confined to moral behaviour . Its practices are applied to commercial and business dealings. Eg. Wearing of Purdah , Prohibiting alcoholic consumption . Contract law and its applications Contract law - It is a legal enforceable agreement entered into by two or more different persons with legal capacity. The parties should have serious intention to create legally binding obligations. Eg- Bajaj Auto and MRF tyres .

International implication of contract law

Due to globalisation importance of contract law is increased . Under the common law in many countries , a firm have to spell out the details in the contract . But under the code law it is not necessary to draw a detailed contingencies .Jurisdiction When a dispute arise in international market , there arise a question as to which countries legal provision is applicable . Every country have its own jurisdiction even though they approach the International Court of Justice .