Search Results for: duty of good faith and fair dealing

duty of good faith and fair dealing

glossary / duty of good faith and fair dealing

A duty that is implied in some contractual relationships, requiring the parties to deal with each other fairly, so that neither prohibits the other from realizing the agreement’s benefits. See GOOD FAITH; BAD FAITH. [Cases: Contracts 168, 189. C.J.S. Contracts §§ 341–342, 346–347.]

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good faith

glossary / GOOD FAITH

good faith, n. A state of mind consisting in (1) honesty in belief or purpose, (2) faithfulness to one’s duty or ob-ligation, (3) observance of reasonable commercial standards of fair dealing in a given trade or business, or (4) absence of intent to defraud or to seek unconscionable advantage. — Also termed bona fides. Cf.

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