With Regard to the Interpretation of a Contract, What Priority

question 50

Essay

With regard to the interpretation of a contract, what priority is given to each of the following items?
(a) Course of dealing
(b) Usage of trade
(c) Express terms
(d) Course of performance

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Definitions:

Goods and Services

The output produced by a country's economy that can be physically consumed or used to provide a service.

Quantities Purchased

The total number of units of a good or service bought by consumers at various prices.

Depreciation

The process of allocating the cost of tangible assets over their useful lives, reflecting the decrease in value of an asset over time due to use and obsolescence.

Consumption of Fixed Capital

The depreciation of physical assets' value over time due to use, wear and tear, or obsolescence.