21 Conclusion

Subject(s):

Contract — Choice of law — Insolvency clauses and damages — Exclusion or limit of liability

This chapter discusses the weighting of the main themes and stresses the importance of the value of freedom both in our societies and in their laws. It explains that there is no fixed answer as to the relative importance of the main themes dealt with in the book, such as predictability, insolvency set-off, or insulation of the transaction from the local laws of one of the parties. The importance of each factor depends on the detailed facts and circumstances of each transaction, on such factors as whether the party concerned is a debtor or a creditor, and also on the market practice for the transaction. The law is necessary for survival and the societies in the world reflect many divergent solutions. One result is that there is competition between legal systems. This is as it should be.