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:

Antitrust Suit

Legal action taken to challenge business practices or mergers that are believed to harm competition in the market.

Sherman Act

A landmark federal statute in the antitrust law of the United States, passed in 1890, which prohibits monopolistic practices and promotes competition.

Blockbuster Films

Movies that are highly popular and achieve enormous box office revenue, often becoming cultural phenomena.

Clayton Act

A U.S. Antitrust law enacted in 1914 aimed at promoting fair competition and preventing unfair business practices, including price discrimination and exclusive dealings.