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§ 1-302. Variation by agreement

West's Annotated Code of MarylandCommercial LawEffective: June 1, 2012

West's Annotated Code of Maryland
Commercial Law
Title 1. General Provisions (Refs & Annos)
Subtitle 3. Territorial Applicability and Applicable Law (Refs & Annos)
Effective: June 1, 2012
MD Code, Commercial Law, § 1-302
§ 1-302. Variation by agreement
(a) Except as otherwise provided in subsection (b) of this section or elsewhere in the Maryland Uniform Commercial Code, the effect of provisions of the Maryland Uniform Commercial Code may be varied by agreement.
(b) The obligations of good faith, diligence, reasonableness, and care prescribed by the Maryland Uniform Commercial Code may not be disclaimed by agreement. The parties, by agreement, may determine the standards by which the performance of those obligations is to be measured if those standards are not manifestly unreasonable. Whenever the Maryland Uniform Commercial Code requires an action to be taken within a reasonable time, a time that is not manifestly unreasonable may be fixed by agreement.
(c) The presence in certain provisions of the Maryland Uniform Commercial Code of the phrase “unless otherwise agreed”, or words of similar import, does not imply that the effect of other provisions may not be varied by agreement under this section.

Credits

Added by Acts 2012, c. 673, § 2, eff. June 1, 2012.
MD Code, Commercial Law, § 1-302, MD COML § 1-302
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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