Asked by Heather Marie on Apr 24, 2024
Which of the following does the UCC define as, "honesty in fact and the observance of reasonable commercial standards of fair dealing?"
A) Commercial standards.
B) Subjective reasonableness.
C) Objective reasonableness.
D) Good faith.
E) Reasonable investigation.
Good Faith
A principle that emphasizes honesty, fairness, and integrity in the fulfillment of contractual obligations or in negotiations.
Reasonable Commercial Standards
A legal concept referring to the standard practices and methods used by reasonably prudent and competent parties in a particular industry.
Honesty
The quality of being truthful and free from deceit or fraud.
- Ascertain the circumstances and methods under which legal tenets, including the shelter principle, are relevant in disputes over negotiable instruments.
Learning Objectives
- Ascertain the circumstances and methods under which legal tenets, including the shelter principle, are relevant in disputes over negotiable instruments.