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Simple English definitions for legal terms
lex loci contractus
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A quick definition of lex loci contractus:
Lex loci contractus is a Latin term that means the law of the place where a contract is made or will be carried out. This law is often used to settle disputes related to contracts. It controls the nature, construction, and validity of the contract. It is important because it allows people from different countries to safely make contracts and do business with each other.
A more thorough explanation:
Definition: Lex loci contractus is a Latin term that refers to the law of the place where a contract is executed or to be performed. It is often the proper law by which to decide contractual disputes.
For example, if a contract is signed in New York and is to be performed in California, the lex loci contractus would be California law. This means that any disputes arising from the contract would be resolved according to California law.
The lex loci contractus controls the nature, construction, and validity of the contract. It is important because it allows citizens of one country to safely contract and carry on commerce in the territories of another.