This chapter introduces the concept of the market for law that the book will explore in detail. It describes the relationship between this market and the field of law called “conflict of laws.” Allowing parties to choose the applicable law by contract facilitates clarity about the applicable law and enables the parties to choose the law that best suits their joint needs. However, allowing contracting parties to create their own legal certainty thus raises thorny issues. One might wonder why contracting parties should be able to declare that their relationship is governed by the law of one sovereign state and not others. This chapter begins the exploration of these issues.
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