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What are the three approaches to Choice of Law?
  1. Vested Rights
  2. Most Significant Relationship
  3. Governmental Interest

What is the basic rule for choice of law in Federal Court sitting in Diversity Jurisdiction?
the court will apply thechoice of law approach of the state in which it is located (or transferor state if case has been transferred).

What is the Vested Rights approach?

The court will apply the law of that state that ismost significantly related to the outcome of the litigation.