With Regard to the Interpretation of a Contract,what Priority Is

question 68

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

---

Definitions:

Useful Life

The estimated duration of time that an asset is expected to be usable for the purpose it was acquired, influencing depreciation calculations.

Plant Assets

Long-term tangible assets used in the operations of a business that are not intended for sale.

Natural Resources

Natural resources, including minerals, forests, water, and fertile land, that can be exploited for financial advantages.

Intangibles

Non-physical assets such as patents, trademarks, copyrights, goodwill, and brand recognition that have value.