Asked by Sticky Mochi on May 17, 2024
Verified
According to the Uniform Commercial Code,________ is defined as "honesty in fact and the observance of reasonable commercial standards of fair dealing."
A) merchantability
B) subjective reasonableness
C) objective reasonableness
D) good faith
E) commercial practicability
Good Faith
The honest intention to act without taking an unfair advantage over another party in a transaction.
Reasonable Commercial Standards
The accepted norms and practices within a particular industry or trade that are considered to be fair and appropriate.
- Acquire an understanding of the definitions and standards for good faith and value as outlined in the Uniform Commercial Code.
Verified Answer
TB
Tommy BandyMay 23, 2024
Final Answer :
D
Explanation :
Uniform Commercial Code Section 3-103(a)(4)defines good faith as "honesty in fact and the observance of reasonable commercial standards of fair dealing."
Learning Objectives
- Acquire an understanding of the definitions and standards for good faith and value as outlined in the Uniform Commercial Code.