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Can you summarize Title 12A NJST?
New Jersey General and Permanent Statutes > COMMERCIAL TRANSACTIONS
Short Summary
This legal document, 12A:1-303 of the New Jersey General and Permanent Statutes, governs the concepts of Course of Performance, Course of Dealing, and Usage of Trade in commercial transactions. It explains that a course of performance, course of dealing, or usage of trade can help ascertain the meaning of the parties’ agreement, give meaning to specific terms, and supplement or qualify the agreement. The document provides guidelines and regulations to protect the interests of various parties involved in these transactions and establishes their rights and obligations. It applies to a wide range of entities involved in commercial transactions, including art dealers, creditors, buyers and sellers in auctions, artists, merchants, financing agencies, and parties involved in installment contracts. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Parties involved in commercial transactions, including art dealers, consignors, creditors, buyers and sellers in auctions, artists or their representatives, buyers and sellers in commercial transactions, sellers and buyers of goods, merchants, financing agencies, and parties involved in installment contracts
What does it govern?
Course of Performance, Course of Dealing, and Usage of Trade in commercial transactions
What are exemptions?
No specific exemptions are mentioned in this document
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
New Jersey