1
Q
Usage of Trade
A
A custom within the industry and custom binds all of those who should know about it (sometimes even binding consumers)
2
Q
Course of dealings
A
- refers to what the parties did in their past contracts with one another
- if parties have dealt with each other prior that history creates an expectation of what will happen with this contract
3
Q
Course of Performance
A
Means what parties do in performing this one particular contract & creates it’s own history/expectations
4
Q
Hierachy of terms
A
1) Express terms (exception - this can be waived via course of performance)
2) Course of performance
3) Course of dealing
4) Usage of trade
5
Q
Good Faith
A
- honesty in fact and the observance of reasonable commercial standards of fair dealing
- Implied in every K/Deal under UCC
- Both has a subjective component (Honesty in fact) and an objective component (observance __)
