The Definition of Commercial Reasonableness as Used in Contract Law

question 34

Multiple Choice

The definition of commercial reasonableness as used in contract law includes:

• A) the business judgment of expert business managers.
• B) that the practices customary in the type of transaction involved be used as a standard.
• C) the requirements to develop creative and innovative solutions never before used in a particular industry.
• D) None of these.

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Definitions:

Semi-Formal

A dress code or event that is between formal and casual, often requiring smart, well-kept attire without being overly formal.

Formal

Pertaining to conventions, rules, or established procedures often recognized by official institutions or customs.

Strategic Ambiguity

The deliberate use of vague or indistinct language to achieve a specific objective or to adapt to multiple situations.

Multiple Goals

The presence of more than one objective that an individual or organization aims to achieve.