In: Economics
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1)
Choice of law provision in contracts allows parties to resolve the disputed using the stated law.
Parties often decide to have interpretation of contract under the chosen law. However, the choice of law provision is not absolute. Most of the courts demands to have jurisdiction over the subject matter to allow hearing and interpretation of contracts.
For examples, State courts carry power to hear cases only in the following cases:
2) Concurrent jurisdiction is the ability to use judicial reviews by different courts at the same time, and different territories. A domestic violence issue can be heard in any of the general or family court of a country.. A person filing a case against another party in another city can file a lawsuit either in the home state or another. Usually it varies between various levels of state court, local courts and other government agencies who share authority over the parties. Parties can also chose the court where they feel cease will provide favorable decision, this is called forum shopping.
3) The United Nations Convention on Contracts for the International Sale of Goods(CISG) is the main convention for international sale of goods.
4) United Nations Convention on Contracts for the International Sale of Goods (Vienna, 1980) (CISG) applies whenever contracts for the sale of goods are concluded between parties with a place of business in Contracting States.