Understanding Business and Personal LawChapter 25: Transferring Negotiable InstrumentsA Global PerspectiveIsrael Israel, officially known as the State of Israel, is located in the Middle East. It borders the Mediterranean Sea, between Egypt and Lebanon. Its southernmost tips extends to the Gulf of Aqaba, which is part of the Red Sea. In 1948, Israel was formed as a Jewish state in the historic region of Palestine. It is slightly smaller than the state of New Jersey. Ninety-five percent of the population is literate. Israel is one of the world's most active and futuristic centers for music. The Israel Philharmonic Orchestra is famous all over the world. Musicians compose and perform music for citizens and tourists alike, and musical education is taken very seriously. The government of Israel is a parliamentary democracy. The president is elected by the Knesset for a five-year term. The head of government is the prime minister who is elected by popular vote for a four-year term. The cabinet is selected by the prime minister and approved by the Knesset. The Knesset is also known as the parliament and consists of 120 seats. Members of the Knesset are elected by popular vote to serve a four-year term. The legal system in Israel is a mixture of English common law, British Mandate regulations, and the Jewish, Christian, and Muslim legal systems. |  |
