401.308 – Performance or acceptance under reservation of rights.
401.308 Performance or acceptance under reservation of rights. (1) 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. (2) […]
401.309 – Option to accelerate at will.
401.309 Option to accelerate at will. A term providing that one party or that party’s successor in interest may accelerate payment or performance or require collateral or additional collateral “at will” or when the party “deems itself insecure,” or words of similar import, means that the party has power to do so only if that […]
401.310 – Subordinated obligations.
401.310 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 […]
401.303 – Course of performance, course of dealing, and usage of trade.
401.303 Course of performance, course of dealing, and usage of trade. (1) A “course of performance” is a sequence of conduct between the parties to a particular transaction that exists if any of the following apply: (a) The agreement of the parties with respect to the transaction involves repeated occasions for performance by a party. […]
401.304 – Obligation of good faith.
401.304 Obligation of good faith. Every contract or duty within chs. 401 to 411 imposes an obligation of good faith in its performance and enforcement. History: 2009 a. 320. This section does not support an independent cause of action for failure to act in good faith under a contract. Hauer v. Union State Bank of […]
401.305 – Remedies to be liberally administered.
401.305 Remedies to be liberally administered. (1) The remedies provided by chs. 401 to 411 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 […]
401.306 – Waiver or renunciation of claim or right after breach.
401.306 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. History: 2009 a. 320.
401.307 – Prima facie evidence by 3rd-party documents.
401.307 Prima facie evidence by 3rd-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 3rd party shall be prima facie evidence of its […]
401.203 – Lease distinguished from security interest.
401.203 Lease distinguished from security interest. (1) Whether a transaction in the form of a lease creates a lease or security interest is determined by the facts of each case. (2) A transaction in the form of a lease creates a security interest if the consideration that the lessee is to pay the lessor for […]
401.204 – Value.
401.204 Value. Except as otherwise provided in chs. 403, 404, and 405, a person gives value for rights if the person acquires them under any of the following circumstances: (1) In return for a binding commitment to extend credit or for the extension of immediately available credit, whether or not drawn upon and whether or […]