Asked by DYLAN PANGIA on May 07, 2024
Verified
The term "reasonable commercial standards of fair dealing" is often called ________.
A) Commercial standards
B) Commercial reasonableness
C) Transactional reasonableness
D) Good faith standards
E) Good faith reasonableness
Reasonable Commercial Standards
A set of practices that are considered acceptable and customary in a particular industry or line of business.
Fair Dealing
A principle requiring parties, especially in financial transactions or fiduciary relationships, to act in an honest and open manner without taking unfair advantage.
- Elucidate the interpretations of "honesty in fact," "reasonable commercial standards of fair dealing," and "good faith" in relation to the Uniform Commercial Code.
Verified Answer
ZK
Zybrea KnightMay 08, 2024
Final Answer :
B
Explanation :
"Reasonable commercial standards of fair dealing" is often referred to as "Commercial reasonableness." This term is used in various legal and business contexts to ensure that parties to a transaction act in a manner that is fair and reasonable according to the standards of their particular industry or commercial setting.
Learning Objectives
- Elucidate the interpretations of "honesty in fact," "reasonable commercial standards of fair dealing," and "good faith" in relation to the Uniform Commercial Code.
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