§ 28:1-301. Territorial applicability; parties’ power to choose applicable law.

(a) Except as otherwise provided in this section, when a transaction bears a reasonable relation to this state and also to another state or nation the parties may agree that the law either of this state or of such other state or nation shall govern their rights and duties.

(b) In the absence of an agreement effective under subsection (a) of this section, and except as provided in subsection (c) of this section, this subtitle applies to transactions bearing an appropriate relation to the District of Columbia.

(c) If one of the following provisions of this subtitle specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law so specified:

(1) Section 28:2-402;

(2) Sections 28:2A-105 and 28:2A-106;

(3) Section 28:4-102;

(4) Section 28:4A-507;

(5) Section 28:5-116;

(6) Section 28:8-110;

(7) Sections 28:9-301 through 9-307;

(8) Section 28:12-107.