Asked by Brian Doherty on May 25, 2024

verifed

Verified

Explain the term usage of trade.What happens if there is a conflict between the express terms of the contract and trade usage?

Usage of Trade

A set of practices or behaviors that are widely accepted and used by a particular industry or commercial sector.

Express Terms

Specific conditions and provisions explicitly stated in a contract or agreement.

Trade Usage

Established practices or patterns of behavior regularly observed and accepted in a particular industry or trade.

  • Examine the role of performance history, prior dealings, and trade practices in contract interpretation.
verifed

Verified Answer

NR
nithish REDDYMay 29, 2024
Final Answer :
In many kinds of businesses,there are customs and practices of the trade that are known by people in the business and that are usually assumed by parties to a contract for goods of that type.Under the Code,the parties and courts may use these trade customs and practices-known as usage of trade-in interpreting a contract.If there is a conflict between the express terms of the contract and trade usage,the express terms prevail.