J.D. Today, perhaps more than ever, private laws are essential.
Contracts are private laws.
Legislation and case law have always lagged behind most business developments but today, with the instant technological changes taking place even as you read this, it is impossible for the courts and legislative bodies to do anything but react with after the fact interpretations. Additionally, because today s business environment is global in reach, it is never all that clear what law applies, even should some law exist. The Internet, the vertical and horizontal integration and cross boundary nature of businesses make this the day of the deal , the time of the private law. It is thus essential for the contracting parties to make their own law governing their relationship so that vagaries can be made certain and holes in the cloth of the laws can be filled in. Courts will almost always honor the private laws that are made by the parties in agreements except where the contracts are for some illegal purpose or where, for either statutory or public policy reasons, the courts decide that either the contract as a whole or some particular provisions should not be given effect.