Difference between revisions of "Good faith"
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| − | Good faith is a legal concept that means: | + | '''Good faith''' is a legal concept that means: |
*in commercial transactions, observance of reasonable standards of fair dealing | *in commercial transactions, observance of reasonable standards of fair dealing | ||
Revision as of 19:30, April 23, 2008
Good faith is a legal concept that means:
- in commercial transactions, observance of reasonable standards of fair dealing
- in issues concerning duty, an honest intention to fulfill one's obligations
- in personal dealings, a lack of intent to seek unfair advantage or to defraud
Good faith is hard to define. But it is a precise legal term of art, and typically a question of fact for juries.