1. The parties to any contract, agreement or
undertaking, contingent or otherwise, in consideration of, or relating
to any obligation arising out of a transaction covering in the aggregate
not less than two hundred fifty thousand dollars, including a
transaction otherwise covered by subsection one of section 1-105 of the
uniform commercial code, may agree that the law of this state shall
govern their rights and duties in whole or in part, whether or not such
contract, agreement or undertaking bears a reasonable relation to this
state. This section shall not apply to any contract, agreement or
undertaking (a) for labor or personal services, (b) relating to any
transaction for personal, family or household services, or (c) to the
extent provided to the contrary in subsection two of section 1-105 of
the uniform commercial code.
2. Nothing contained in this section shall be construed to limit or
deny the enforcement of any provision respecting choice of law in any
other contract, agreement or undertaking.