Section 57A-1-310 – Subordinated obligations.
57A-1-310. Subordinated obligations. An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate its right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated. Subordination does not create a security interest as against either […]
Section 57A-1-206 – Presumptions.
57A-1-206. Presumptions. Whenever this title creates a “presumption” with respect to a fact, or provides that a fact is “presumed,” the trier of fact must find the existence of the fact unless and until evidence is introduced that supports a finding of its nonexistence. Source: SL 2008, ch 259, §14.
Section 57A-1-301 – Territorial applicability–Parties’ power to choose applicable law.
57A-1-301. Territorial applicability–Parties’ power to choose applicable law. (1) Except as provided hereafter in this section, when a transaction bears a reasonable relation to this state and also to another state or nation the parties may agree that the law either of this state or of such other state or nation shall govern their rights […]
Section 57A-1-302 – Variation by agreement.
57A-1-302. Variation by agreement. (a) Except as otherwise provided in subsection (b) or elsewhere in this title, the effect of provisions of this title may be varied by agreement. (b) The obligations of good faith, diligence, reasonableness, and care prescribed by this title may not be disclaimed by agreement. The parties, by agreement, may determine […]
Section 57A-1-303 – Course of performance, course of dealing, and usage of trade.
57A-1-303. Course of performance, course of dealing, and usage of trade. (a) A “course of performance” is a sequence of conduct between the parties to a particular transaction that exists if: (1)The agreement of the parties with respect to the transaction involves repeated occasions for performance by a party; and (2)The other party, with knowledge […]
Section 57A-1-304 – Obligation of good faith.
57A-1-304. Obligation of good faith. Every contract or duty within this title imposes an obligation of good faith in its performance and enforcement. Source: SL 2008, ch 259, §18.
Section 57A-1-305 – Remedies to be liberally administered.
57A-1-305. Remedies to be liberally administered. (a) The remedies provided by this title must be liberally administered to the end that the aggrieved party may be put in as good a position as if the other party had fully performed but neither consequential or special damages nor penal damages may be had except as specifically […]
Section 57A-1-306 – Waiver or renunciation of claim or right after breach.
57A-1-306. Waiver or renunciation of claim or right after breach. A claim or right arising out of an alleged breach may be discharged in whole or in part without consideration by agreement of the aggrieved party in an authenticated record. Source: SL 2008, ch 259, §20.
Section 57A-1-307 – Prima facie evidence by third-party documents.
57A-1-307. Prima facie evidence by third-party documents. A document in due form purporting to be a bill of lading, policy or certificate of insurance, official weigher’s or inspector’s certificate, consular invoice, or any other document authorized or required by the contract to be issued by a third party is prima facie evidence of its own […]
Section 57A-1-308 – Performance or acceptance under reservation of rights.
57A-1-308. Performance or acceptance under reservation of rights. (a) A party that with explicit reservation of rights performs or promises performance or assents to performance in a manner demanded or offered by the other party does not thereby prejudice the rights reserved. Such words as “without prejudice,” “under protest,” or the like are sufficient. (b) […]