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RATIFICATION OF CONVENTION

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › RATIFICATION OF CONVENTION

  • This topic has 5 replies, 2 voices, and was last updated 6 years ago by MikeLittle.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • August 28, 2018 at 10:01 am #469791
    amyakku
    Participant
    • Topics: 13
    • Replies: 3
    • ☆

    Hi Sir,

    kindly explain me, what does it mean by ratification of convention ? (eg:states in territories with different laws)

    Ref:bpp text (glo)pg no.62

    August 28, 2018 at 12:40 pm #469831
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23310
    • ☆☆☆☆☆

    To ratify means “to sign or give formal consent to for example, a national state may ratify a treaty, contract or on agreement, making it officially valid”

    States with territories that have different laws (for example the USA) may find that only some (and not all) of the member states are prepared to adopt the treaty or convention

    In that situation, where not all of the respective territories have accepted or ratified the treaty, it is said that the country is not a contracting state

    Is that better?

    September 1, 2018 at 2:30 pm #470655
    amyakku
    Participant
    • Topics: 13
    • Replies: 3
    • ☆

    Two or more contracting states may ratify the convention but opt out of the convention in relation to each other, or in relation to persons whose places of business are in each other’s states. what does it exactly mean?

    September 1, 2018 at 7:11 pm #470701
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23310
    • ☆☆☆☆☆

    Ratification involves complete acceptance for a state to be known as a “contracting state”

    So it’s not possible to adopt / ratify only a part of a convention

    However … it IS possible for two contracting states to declare mutually that, in transactions between those two states, the convention shall not apply (think Israel and any one of Israel’s neighbours)

    Is that better?

    September 2, 2018 at 2:50 am #470744
    amyakku
    Participant
    • Topics: 13
    • Replies: 3
    • ☆

    Thank u so much sir, for the clarification .

    September 2, 2018 at 5:57 am #470749
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23310
    • ☆☆☆☆☆

    You’re welcome

  • Author
    Posts
Viewing 6 posts - 1 through 6 (of 6 total)
  • The topic ‘RATIFICATION OF CONVENTION’ is closed to new replies.

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