What Is "Course of Dealing" When Interpreting the Express Terms

question 55

Multiple Choice

What is "course of dealing" when interpreting the express terms of a written statement?

• A) the previous conduct of the parties regarding the contract in question
• B) the conduct of the parties in prior transactions and contracts
• C) the conduct of contractual parties with parties not involved in the contract
• D) any practice of dealing that is regularly observed or adhered to in an industry

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Definitions:

Financial Report

A formal record of the financial activities and position of a business, individual, or other entity over a period.

Liquidation

The process of closing a business and distributing its assets to claimants, typically after a company is unable to meet its financial obligations.

Profit and Loss Ratio

Measures the efficiency of a company in generating profits from its operations, calculated by dividing net profit by net sales.

Liquidation Expenses

Costs associated with the process of winding down a company's business operations and distributing its assets to claimants.