Good Faith is a legal concept that is often bandied about when parties to a contract are having a dispute. We intuitively understand Good Faith to mean being reasonable or fair. This is in line with some common definitions of Good Faith:
- honesty in fact and observance of reasonable standards of fair dealing;
- faithfulness to an agreed common purpose and consistency with the justified expectations of the other party; and
- the absence of bad faith.
Now that we know what it means, the real question is: how does it affect the day-to-day world of commercial leasing? For this, we need to look at this legal concept in action: how it has been used by the Courts, where it is headed, and, how it impacts commercial behaviour, if at all.
Read the full article here: The Duty of Good Faith – How Good Do You Need to Be- January 20-2006
The information contained in this article is provided for general informational purposes only and does not constitute legal advice. No recipient of this content should act, or refrain from acting, based on any information included without seeking appropriate legal or other professional advice on the particular facts and circumstances at issue.
