The Principle of Party Autonomy and Determining of Lex Mercatoria as Governing Legal System to Obligations of Electronic Negotiable Instruments

The appearances of technological processes have affected the legal transactions and payment methods and these processes open the novel perspectives of communications human beings. The possibility of issuance and the transfer of electronic negotiable instruments have expanded the demands for the usage of these instruments; on the other hand, in cyberspace have made new challenges to applicable law for these instruments to conflict rules of private international law. In many countries, new laws such as UNCITRAL model law codify in the response to the appearance of electronic communications and have tried to overcome this problem by applying two principles of the equality of use and media neutrality; but also, in cyberspace maybe made some objections for applicable law. For solving this problem, the global trend is toward the adoption of "Principle of Party Autonomy" and to give authorization to the parties for the determination of lex mercatoria finally as the legal system governing the obligations of these documents.