Alaska Statutes: AS 45.01.102. Purposes; Rules of Construction; Variation By Agreement.

Alaska Statutes. Title 45. Trade and Commerce Chapter 1. General Provisions Section 102. Purposes; Rules of Construction; Variation By Agreement.

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AS 45.01.102. Purposes; Rules of Construction; Variation By Agreement.

(a) The code shall be liberally construed and applied to promote the underlying purposes and policies.
(b) Underlying purposes and policies of the code are:

(1) to simplify, clarify, and modernize the law governing commercial transactions;

(2) to permit the continued expansion of commercial practices through custom, usage, and agreement of the parties;

(3) to make uniform the law among the various jurisdictions.
(c) The effect of provisions of the code may be varied by agreement, except as otherwise provided in the code and except that the obligations of good faith, diligence, reasonableness, and care prescribed by the code may not be disclaimed by agreement, but the parties may by agreement determine the standards by which the performance of the obligations is to be measured if such standards are not manifestly unreasonable.
(d) The presence in certain provisions of the code of the words "unless otherwise agreed" or words of similar import does not imply that the effect of other provisions may not be varied by agreement under (c) of this section.
(e) In the code the rules of construction in AS 01.10.050 (b) - (c) apply, unless the context otherwise requires.

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