usage of trade

usage of trade definition - legal

n

A trade practice that is so common in a particular region or vocation that an expectation of its being followed in a given transaction is justified; a usual and customary practice or set of practices connected with a particular type of business or trade; for example, in mortgage loan transactions it is customary for the borrower to pay for an appraisal of the value of the property.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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