Simple English definitions for legal terms
Read a random definition: ingenuitas
Commercially reasonable means that when someone sells something, they do it in a fair and honest way that follows the usual way of doing business. For example, if a bank takes something you own because you didn't pay back a loan, they have to sell it in a way that is fair and follows the rules. If they don't, you might not have to pay them back all the money you owe.
Definition: Commercially reasonable, adj. (Of a property sale) conducted in good faith and in accordance with commonly accepted commercial practice. Under the UCC, a sale of collateral by a secured party must be done in a commercially reasonable manner, or the obligor's liability for any deficiency may be reduced or eliminated. UCC §§ 9-610(b), 9-626.
Examples:
The examples illustrate that when selling property, it is important to follow commonly accepted commercial practices to ensure that the sale is conducted in good faith and is fair to all parties involved. This helps to protect the seller from liability and ensures that the buyer is getting a fair deal.
commercial loan | commercially significant noninfringing use