If a Question Arises Over a Trade Usage,the CISG Provides

question 51

Multiple Choice

If a question arises over a trade usage,the CISG provides that:

• A) No reference to trade usage is allowed by a court.
• B) A court can look at those trade usages that the parties knew or ought to have known and are regularly used in the industry.
• C) A court can look at those trade usages to which the parties agree to be bound.
• D) Both B and C.

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Definitions:

Assignee

An individual or entity to whom rights or interests have been transferred by another, especially in contractual or legal contexts.

Obligor's Performance

The execution of duties or fulfillment of obligations by the party (obligor) that is bound by a contractual agreement to provide a service, payment, or benefit to another party.

Life Insurance

A contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured.

Proceeds

The amount of money or assets received from a transaction, sale, or event.