Effective – 28 Aug 2017 400.1-301. Territorial applicability — parties’ power to choose applicable law. — (a) Except as otherwise provided 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 […]
Effective – 28 Aug 2017 400.1-302. Variation by agreement. — (a) Except as otherwise provided in subsection (b) or elsewhere in this chapter, the effect of provisions of this chapter may be varied by agreement. (b) The obligations of good faith, diligence, reasonableness, and care prescribed by this chapter shall not be disclaimed by agreement. […]
Effective – 28 Aug 2017 400.1-303. 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 […]
Effective – 28 Aug 2017 400.1-304. Obligation of good faith. — Every contract or duty within this chapter imposes an obligation of good faith in its performance and enforcement. ——– (L. 2017 H.B. 34)
Effective – 28 Aug 2017 400.1-305. Remedies to be liberally administered. — (a) The remedies provided by this chapter shall 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 […]
Effective – 28 Aug 2017 400.1-306. Waiver of renunciation of claim of 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. ——– (L. 2017 H.B. 34)
Effective – 28 Aug 2017 400.1-307. Prima facie evidence of 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 […]
Effective – 28 Aug 2017 400.1-308. 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”, […]
Effective – 28 Aug 2017 400.1-309. 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 […]
Effective – 28 Aug 2017 400.1-310. 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 […]
