Asked by Nohely Ortiz on May 01, 2024
Verified
How have the drafters of the Code tried to promote fair dealing and higher standards in the marketplace?
A) By applying stringent technicalities to contracts.
B) By recognizing void contracts.
C) By discriminating between merchants and nonmerchants.
D) By imposing the doctrine of good faith.
Good Faith
Acting with sincerity and integrity, especially in negotiations, demonstrating a commitment to fair dealing.
Marketplace
An economic space, physical or virtual, where goods, services, and assets are exchanged between buyers and sellers.
Technicalities
Minor aspects or details in a set of rules or laws that can be used to circumvent or evade the intended spirit or purpose of the broader regulation.
- Recognize the methods used by legal frameworks to promote fairness and honesty in agreements.
Verified Answer
ZK
Zybrea KnightMay 04, 2024
Final Answer :
D
Explanation :
The drafters of the Code wanted to promote fair dealing and higher standards in the marketplace,so they imposed a duty of good faith in the performance and enforcement of every contract under the Code.
Learning Objectives
- Recognize the methods used by legal frameworks to promote fairness and honesty in agreements.