The Definition of Commercial Reasonableness as Used in Contract Law

question 71

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 the above.

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Definitions:

Labor and Capital

The primary factors of production where "labor" refers to workforce efforts and "capital" denotes tools, machinery, and buildings used in production.

Creative Destruction

A process in which new inventions and technologies create new industries and ways of doing things, leading to the demise of older industries and practices.

DVDs

Digital Versatile Discs, a type of optical storage media used for storing digital data including video, audio, and computer files.

Videocassettes

Magnetic tape media used for storing video recordings, now largely obsolete due to digital technology.