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Good Morning Mike.
May I ask for your help understanding ‘trade custom’ and ‘business efficacy’ as judicially implied terms. Could you give me a basic sense of what they are and what they mean.
I understand the concept of ‘trade custom’ in so far that this exists if there is a history of trade between two companies. However I do not understand much else about it.I am confused about the meaning and significance of these terms.
Thank you in advance for any help you can give.
“However I do not understand much else about it.” – seriously, there’s not a lot more that you need to know – but why are you still in a study text? haven’t I suggested in the strongest possible terms that your best preparation for this exam is your revision kit!
Business efficacy? The courts look at a disputed contract and say to themselves “Why would XYZ have entered into this contract if such-and-such a disputed term was meant to have been implied? It doesn’t make sense for anyone to enter into a contract where there are indistinct really adverse terms implied
Now, put down your study text, open your revision kit and start practicing! Ok, you’ll get 80% of them wrong first time through but next time that figure will fall to only 60% wrong
And then you start to mine the gold seam and third time through you’ll be getting 60% right and then, after that,the sky’s the limit
OK?
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