Article I

Question 1

Usage of Trade

Answer 1

A custom within the industry and custom binds all of those who should know about it (sometimes even binding consumers)

Question 2

Course of dealings

Answer 2

• 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

Question 3

Course of Performance

Answer 3

Means what parties do in performing this one particular contract & creates it’s own history/expectations

Question 4

Hierachy of terms

Answer 4

1) Express terms (exception - this can be waived via course of performance)
2) Course of performance
3) Course of dealing
4) Usage of trade

Question 5

Good Faith

Answer 5

• 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 __)