Agreement As To Law Governing Rights And Duties Of Parties; Act Applicable To Transactions Upon Failure To Agree; Effect Of Contrary Agreement Where Act Specifies Applicable Law - Mich. Comp. Laws Section 440.1105

Sec. 1105.

(1) Except as provided in this section, if 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 the other state or nation shall govern their rights and duties. Failing agreement this act applies to transactions bearing an appropriate relation to this state.

(2) If 1 of the following provisions of this act specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law (including the conflict of laws rules) specified: