Rights of way have been established and agreed internationally to ensure that aircraft in proximity with each other in VMC know which aircraft has right of way over the other and what action must be taken to avoid collision.
Right-of-way rules are described in ICAO Annex 2: Rules of the Air, as follows:
3.2.1 Right-of-way. The aircraft that has the right-of-way shall maintain its heading and speed.
3.2.2.1 An aircraft that is obliged by the following rules to keep out of the way of another shall avoid passing over, under or in front of the other, unless it passes well clear and takes into account the effect of aircraft wake turbulence.