CONCEPT, ESSENCE, AND PLACE OF FOREIGN ECONOMIC TRANSACTIONS IN PRIVATE INTERNATIONAL LAW

Abstract

This article deals with the issues related to the definition of the concept of foreign economic transactions, as well as their comparison with such terms as foreign trade transaction, international commercial transaction, international commercial contract, foreign economic agreement, foreign trade contract, transactions in the foreign economic sphere, international trade transaction, cross-border transaction, and interterritorial transaction. The comparative analysis between the concept of foreign economic transactions and investment transactions is carried out. The main features of foreign economic transactions are described, as well as the criteria of the location of the legal entity, which play an important role in the qualification of such transactions. Special attention is paid to the nomination of International Contract Law as a sub-branch of private international law, different approaches to the legal regulation of foreign economic transactions are investigated, as well as the need to adapt legal norms to the conditions of e-commerce and the application of electronic contracts. The article aims to identify current issues and problems in this area, which can contribute to the development of effective legal mechanisms to regulate international trade and commercial relations in the context of globalization and digitalization. It also highlights the institution of Electronic Contract Law (“Electronic Contract Law” or “E-contracts Law”), within the framework of International Contract Law. The author's definition of the concepts of foreign economic transactions, foreign economic contract, international contract law, and electronic contract law is formed.