What does commercially reasonable mean?
What does commercially reasonable mean?
Legal Definition of commercially reasonable : fair, done in good faith, and corresponding to commonly accepted commercial practices after default a secured party may sell… the collateral in its present condition or following any commercially reasonable preparation — Uniform Commercial Code.
What is a reasonable time in legal terms?
“The legal meaning of what is a reasonable time is to be ascertained as at the date of the contract, although what will be reasonable as a matter of fact will inevitably fall to be assessed by reference to the circumstances as at the date on which the right is first capable of being exercised (or the date on which the …
What is a reasonable time for performance of a contract is a?
For example, if a contract does not fix a specific time for performance, the law will infer (and impose) a reasonable time for such performance. This is defined as that amount of time which is fairly necessary, conveniently, to do what the contract requires to be done, as soon as circumstances permit.
What does commercially reasonable best efforts mean?
“Commercially reasonable efforts” is at a level below “best efforts” and is generally interpreted as requiring the party to exert substantial effort without requiring that the party take any action that would be commercially unreasonable under the circumstances.
Is commercially reasonable better than reasonable?
Reasonable efforts: still weaker standard, not requiring any action beyond what is typical under the circumstances. Commercially reasonable efforts: not requiring a party to take any action that would be commercially detrimental, including the expenditure of material unanticipated amounts or management time.
What does commercially reasonable Endeavours mean?
An obligation to use ‘reasonable endeavours’ generally means that a party should adopt and pursue a reasonable course of action in order to achieve the desired result, bearing in mind its own commercial interests and the likelihood of success.
What are examples of reasonable time?
What is reasonable time in real estate?
Basic Rules for a Time Is of the Essence Clause Merely inserting a closing date in a real estate sales contract does not ensure that the date will be “of the essence.” As such, both parties are entitled to a “reasonable” postponement of the closing. An agreed “time is of the essence” closing date is enforceable.
How do you find reasonable time?
“The legal meaning of what is a reasonable time is to be ascertained as at the date of the contract, although what will be reasonable as a matter of fact will inevitably fall to be assessed by reference to the circumstances as at the date on which the right is first capable of being exercised (or the date on which the …
What does reasonable time mean in a contract?
In contracts, reasonable time refers to the time needed to do what a contract requires to be done, based on subjective circumstances. If the parties entering the contract do not fix a time for performance, the law will infer a reasonable time within which it should be done. Under commercial law, Uniform Commercial Code UCC 2-206 (2)
What is the definition of commercially reasonable?
Commercially Reasonable shall include having a credible operation date, as determined by the commission, but a project need not have completed the requisite permitting process to be considered Commercially Reasonable.
What is a reasonable time to accept an offer?
Under commercial law, Uniform Commercial Code UCC 2-206(2) requires that acceptance of an offer be made within a “reasonable time” if no time is specified. Generally the reasonableness or unreasonableness of time used or taken by a party are made subject of judicial review.
What is a reasonable time for taking an action?
Reasonable time; Seasonableness. (a) Whether a time for taking an action required by the Uniform Commercial Code is reasonable depends on the nature, purpose, and circumstances of the action. (b) An action is taken seasonably if it is taken at or within the time agreed or, if no time is agreed, at or within a reasonable time.
