My question involves business law in the state of: California
Aside from politics or the likelihood of the ballot measure passing, what would happen to the choice of law clause of existing contracts in the State of California? My business has many existing service contracts that specify California as the choice of law. If the state were to split, many of the parties with whom I contract would remain in "California" (i.e. Los Angeles), but my business would be in a newly created state, and most of the work under the contracts would be performed in the new state. As time goes on, the laws would likely become increasingly divergent, so long-term contracts could be problematic. Any thoughts on the need to address this issue now when entering into new contracts during this period of uncertainty?
Maybe I'm worrying for nothing, but I cannot find an answer to this on the internet.
Aside from politics or the likelihood of the ballot measure passing, what would happen to the choice of law clause of existing contracts in the State of California? My business has many existing service contracts that specify California as the choice of law. If the state were to split, many of the parties with whom I contract would remain in "California" (i.e. Los Angeles), but my business would be in a newly created state, and most of the work under the contracts would be performed in the new state. As time goes on, the laws would likely become increasingly divergent, so long-term contracts could be problematic. Any thoughts on the need to address this issue now when entering into new contracts during this period of uncertainty?
Maybe I'm worrying for nothing, but I cannot find an answer to this on the internet.
Contract Law: Choice of Law if California Were to Split
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