Good faith Definition

GLOSSARY

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Published by a UU��ֱ�� Commercial expert

What does Good faith mean?

An overarching concept for being open and honest in negotiations that goes beyond the idea of not deceiving the other party.

There is no particular definition of 'good faith' in English law but it has been described as 'In many civil law systems, and perhaps in most legal systems out-side the common law world, the law of obligations recognises and enforces an overriding principle that in making and carrying out contracts parties should act in good faith. This does not simply mean that they should not deceive each other…; its effect is perhaps most aptly conveyed by such metaphorical colloquialisms as 'playing fair,' 'coming clean' or 'putting one's cards face upwards on the table'. It is in essence a 'principle of fair and open dealing…'' in the case of Interfoto Picture Library v Stiletto Visual Programmes.

Commercial

An overarching concept for being open and honest in negotiations that goes beyond the idea of not deceiving the other party.

There is no particular definition of 'good faith' in English law but it has been described as 'In many civil law

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