In: Economics
Please answer the following question with at least one paragraph for each answer:
1. Explain the functions of a treaty.
A treaty is a formal and binding written agreement signed between international law participants, usually sovereign states and international organisations, but can include citizens and other participants. A treaty can also be recognised, among other words, as an international agreement, compact, covenant, arrangement, pact, or letter exchange. Notwithstanding the terms, only instruments which are binding on the parties are deemed to be treaties which are subject to international law. Under international law, a convention is binding.
Many pieces of current international law form the basis of treaties. They serve to address the basic need for States to control matters of shared concern through consensus and, thus, to bring stability to their foreign ties. Treaties are one of the most critical aspects of international peace and security, as an tool for maintaining harmony, reliability and order in international affairs. This is why treaties have long been the main basis of legal relations between persons recognised today as Nations, from the earliest days of the history of international law. This basic value of treaties has proven to be a continuum, although the laws and processes of treaty-making have evolved over the years, as well as the substance of international agreements.