Under the UCC, A(n) __________ Is a Sequence of Previous

question 18

Multiple Choice

Under the UCC, a(n) __________ is a sequence of previous conduct between the parties to an agreement which may be fairly regarded as establishing a common basis of understanding for interpreting their conduct under the contract.

• A) course of dealing
• B) usage of trade
• C) course of performance
• D) extrinsic set of evidence

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Definitions:

Physically Delivered

A term used in derivative markets indicating that upon contract expiration, the actual underlying asset is delivered rather than a cash settlement.

Identification

the act of determining or verifying the identity of a person or object, often through documents like ID cards or digital means.

Shipped

Refers to goods that have been transported from one location to another, usually through the use of a carrier or logistical service.

Specific Goods

Goods that are identified and agreed upon at the time a contract of sale is made.