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 |
| − | *in issues concerning duty, an honest intention to fulfill one's obligations | + | *in issues concerning [[duty]], an [[honesty|honest]] intention to fulfill one's obligations |
| − | *in personal dealings, a lack of intent to seek unfair advantage or to defraud | + | *in personal dealings, a lack of intent to seek unfair advantage or to [[fraud|defraud]] |
| − | Good faith is hard to define. | + | Good faith is hard to define, but is usually obvious. When there is lack of good faith, it is typically clear. In the rare instance of a genuine dispute about good faith, it would be handled in [[litigation]] as a question of fact for a [[jury]]. |
| − | [[ | + | [[Category:Law]] |
Latest revision as of 20:32, July 23, 2023
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 is usually obvious. When there is lack of good faith, it is typically clear. In the rare instance of a genuine dispute about good faith, it would be handled in litigation as a question of fact for a jury.