Section 5-1401. Choice of law

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.