Ariz. Rev. Stat. § 47-1301 – Territorial applicability; parties' power to choose applicable law

A. Except as otherwise provided in this section, when 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 such other state or nation shall govern their rights and duties.
B. In the absence of an agreement effective under subsection A of this section, and except as provided in subsection C of this section, this title applies to transactions bearing an appropriate relation to this state.
C. To the extent that this title governs a transaction, if one of the following sections of this title specifies the applicable law, that section governs and a contrary agreement is effective only to the extent permitted by the law so specified:
1. 1. Section 47-2402.
2. 2. Sections 47-2A105 and 47-2A106.
3. 3. Section 47-4102.
4. 4. Section 47-4A507.
5. 5. Section 47-5116.
6. 6. Section 47-8110.
7. 7. Sections 47-9301 through 47-9307.