New Mexico Statutes

§ 55-1-303 — Course of performance, course of dealing and usage of

New Mexico·Ch. 55 Uniform Commercial Code·Art. 1 General Provisions

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 party; and (2) the other party, with knowledge of the nature of the performance and opportunity for objection to it, accepts the performance or acquiesces in it without objection.
(b)A "course of dealing" is a sequence of conduct concerning previous transactions between the parties to a particular transaction that is fairly to be regarded as establishing a common basis of understanding for interpreting their expressions and other conduct.
(c)A "usage of trade" is any practice or method of dealing having such regularity of observance in a place, vocatio

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Legislative History

1953 Comp., § 50A-1-205, enacted by Laws 1961, ch. 96, § 1-205; 1978

Nearby Sections

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