A Business FAQ with Mark A. Williams.
The law that governs every contract is usually the law that the contract says. In most agreements, there will be a provision in it that says if we get into a dispute, here is the law that is going to apply. If the contract does not say that, then there is a little bit of a problem. Every state has some laws and there are federal treaties with other countries, and those laws and treaties are supposed to work out whether it is the law of your state or whether it is the law of the foreign jurisdiction that is going to apply.
The important thing to think about is if you are going to do business with a company in another country, you really need to make sure that in your contract, you specify what law is going to apply and what jurisdiction lawsuits are going to happen in so that if there is a dispute, you know how it can get resolved.
© 2014 Parsonage Vandenack Williams LLC
For more information, Contact Us