(2) The obligations of good faith, diligence, reasonableness and care prescribed by the 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 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.
(3) The presence in certain provisions of the 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. [2009 c.181 §15]
Note: See note under 71.3010.
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 071 - General Provisions for Uniform Commercial Code
Section 71.1010 - Short titles.
Section 71.1060 - Use of singular and plural; gender.
Section 71.2010 - General definitions.
Section 71.2020 - Notice; knowledge.
Section 71.2030 - Lease distinguished from security interest.
Section 71.2050 - Reasonable time; seasonableness.
Section 71.3010 - Territorial applicability; parties’ power to choose applicable law.
Section 71.3020 - Variation by agreement.
Section 71.3030 - Course of performance, course of dealing and usage of trade.
Section 71.3040 - Obligation of good faith.
Section 71.3050 - Remedies to be liberally administered.
Section 71.3060 - Waiver or renunciation of claim or right after breach.
Section 71.3070 - Prima facie evidence by third-party documents.
Section 71.3080 - Performance or acceptance under reservation of rights.