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4 Cards in this Set
- Front
- Back
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§1-304: Obligation of Good Faith – (formerly §1-203)
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Every K OR duty within the UCC imposes an obligation of GF in its performance AND enforcement
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§1-201 (19) (not revised) --
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honesty in fact (not lying)
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§2-103 (1) (b)
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for merchant -- honesty in fact, observance of reasonable commercial standards of fair dealing in trade
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Revised §1-201 (b) (20) --
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honesty in fact and observance of reasonable commercial standards of fair dealing -- (both merchant and non-merchant)
Revised article 1 on its way to general adoption; but several states retained only minimal standard of honesty in fact for non-merchants |
