USAGE, USANCE - Long and uniform practice.
In its most extensive meaning this term includes custom
and prescription, though it differs from them in a narrower
sense, it is applied to the habits, modes, and course
of dealing which are observed in trade generally, as to
all mercantile transactions, or to some particular branches
of trade.
Usage of trade does not require to be immemorial to
establish it; if it be known, certain, uniform, reasonable,
and not contrary to law, it is sufficient. But evidence
of a few instances that such a thing has been done does
not establish a usage.
The usages of trade afford ground upon which a proper
construction may be given to contracts. By their aid
the indeterminate intention of parties and the nature
and extent of their contracts arising from mere implications
or presumptions, and act of an equivocal character may
be ascertained; and the meaning of words and doubtful
expressions may become known.
Courts will not readily adopt these usages, because
they are not unfrequently founded in mistake.
USANCE - The term usance comes from usage, and signifies
the time which by usage or custom is allowed in certain
countries, for the payment of a bill of exchange.
The time of one, two or three mouths after the date
of the bill, according to the custom of the places between
which the exchanges run.
Double or treble is double or treble the usual time,
and half usance is half the time. Where it is necessary
to divide a month upon a half usance, which is the case
when the usance is for one month or three, the division,
notwithstanding the difference in the length of the
months, contains fifteen days.
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