MLchartDataset catalogue

Usage of trade

Term · Law · MLC-T-LAW-005112

A practice or method of dealing regularly observed in a particular vocation or trade, which justifies an expectation that it will be observed with respect to a transaction in question. It can be used to interpret the terms of a contract or to supply missing terms, even if not explicitly stated by the parties. The Uniform Commercial Code (UCC) recognizes usage of trade as a source of contractual meaning.

Table 1. Record
IdentifierMLC-T-LAW-005112
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-005112",
  "term": "Usage of trade",
  "field": "Law",
  "definition": "A practice or method of dealing regularly observed in a particular vocation or trade, which justifies an expectation that it will be observed with respect to a transaction in question. It can be used to interpret the terms of a contract or to supply missing terms, even if not explicitly stated by the parties. The Uniform Commercial Code (UCC) recognizes usage of trade as a source of contractual meaning.",
  "url": "https://mlchart.com/terminology/law/usage-of-trade/"
}

Record 5,239 of 5,445 in Law terminology (MLC-0107). Request the full dataset.