The 2001 Revised UCC Article 1 defines good faith as honesty in fact and the observance of reasonable commercial standards of fair dealing.

Question

Quizplus · Accepted Answer

The 2001 revision of UCC Article 1, specifically section 1-201(b)(20), indeed defines "good faith" in the context of commercial transactions as "honesty in fact and the observance of reasonable commercial standards of fair dealing." This definition applies broadly across the Uniform Commercial Code to ensure fairness and honesty in commercial dealings.

The 2001 Revised UCC Article 1 Defines Good Faith as Honesty