24 The “reasonableness” test

24  The “reasonableness” test

(1)     In determining for the purposes of this Part of this Act whether it was fair and reasonable to incorporate a term in a contract, regard shall be had only to the circumstances which were, or ought reasonably to have been, known to or in the contemplation of the parties to the contract at the time the contract was made.

(2)     In determining for the purposes of section 20 or 21 of this Act whether it was fair and reasonable to incorporate a term in a contract,

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