Asked by Kylee Woodring on May 09, 2024
Verified
Which of the following does the UCC define as "honesty in fact in the conduct or transaction concerned?"
A) Good faith
B) Value
C) Bona fide
D) Pure
Good Faith
A legal principle that emphasizes honesty, fairness, and integrity in the fulfillment of contractual and legal obligations.
- Comprehend the concepts of good faith, value, and bona fide transactions under the UCC.
Verified Answer
RY
rekha yalavarthiMay 11, 2024
Final Answer :
A
Explanation :
Under the Code,good faith means "honesty in fact in the conduct or transaction concerned" [1-201(19)] and a buyer has given value if he has given any consideration sufficient to support a simple contract [1-201(44)].
Learning Objectives
- Comprehend the concepts of good faith, value, and bona fide transactions under the UCC.
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