The Definition of "Usage of Trade" Includes

question 31

Multiple Choice

The definition of "usage of trade" includes:

• A) a practice regularly observed and followed in a place, vocation, or trade.
• B) a sequence of previous conduct between the parties that may fairly be regarded as establishing a common basis of understanding for interpreting their expressions and agreement.
• C) separation rules that apply to transactions between merchants.
• D) All of these.

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Definitions:

Ordinances

Local laws or regulations enacted by municipalities or other local governing bodies.

Legislative Laws

Statutes and regulations enacted by a legislature or other governing body to prescribe conduct, establish duties, and regulate society.

Uniform State Laws

Model statutes drafted by legal experts to achieve consistency in areas of law within different states, which states can adopt or modify as they see fit.

Uniform Commercial Code

An extensive suite of laws that encompasses all facets of commercial trade in the United States.