As Shown in the Closing Case, the Informal Rules of the Game

question 32

Short Answer

As shown in the closing case, the informal rules of the game:
a. Must be avoided because global business is not a mere game.
b. Are not applicable in cultures in which tend to be very formal.
c. Often require that the firm seek to change the informal rules instead of going along with those rules.
d. Need to be understood by firms.
e. Are being replaced by formal rules.

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Definitions:

Binding

A legal agreement or practice that is enforceable in a court of law.

Private Law

Law that involves suits between private individuals or groups.

Private Individuals

Persons not acting in any official capacity or representing any entity or the government, conducting affairs for personal or non-public interests.

Market Transactions

Exchanges or trades of goods, services, or financial instruments between parties in a marketplace.