NCMA CCCM Practice Questions - NCMA Certified Commercial Contract Manager Exam

Under UCC Article 1, which idea best states the general obligation of good faith?

A party may use any strategy that is not expressly prohibited by the contract A party must act with honesty in fact and observe reasonable commercial standards of fair dealing A party must always accept a commercially reasonable settlement offer A party must put the other party's economic interests ahead of its own

Correct Answer:

A party must act with honesty in fact and observe reasonable commercial standards of fair dealing

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