What are the UCC principles of good faith and reasonableness to sales contract? (300 + words)
The Principles of good faith and resaonableness in terms of any sales contract are found in Articles 1.7 and 2.15. Article 1.7 states that "each party must act in accordance with good faith and fair dealing in international trade," and "the parties may not exclude or limit this duty." Article 2.15 provides:
(1) A party is free to negotiate and is not liable for failure to reach an agreement.
(2) However, a party who negotiates or breaks off negotiations in bad faith is liable for the losses caused to the other ...
This solution discusses the UCC principles and how good faith and reasonableness relates to a sales contract. The solution is approximately 300 words.