A Choice-Of-Law Clause in an International Contract Designates the Applicable

question 13

True/False

A choice-of-law clause in an international contract designates the applicable law.

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Definitions:

365-Day Year

A method of calculating interest that assumes all years have 365 days, used in some financial contexts.

Ordinary Simple Interest

Interest calculated on the principal amount of a loan or deposit, based solely on the principal, rate, and time.

360-Day Year

A method used in accounting and finance that assumes a year has 360 days to simplify interest calculations.

Ordinary Simple Interest Rate

The standard interest rate applied to a loan or investment, calculated on the principal amount without compounding over a specific period.