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Comparison of Contract Law of the People's Republic of China with The...

Contract Law With Good Faith In Fulton

Category:

Contracts - Contract Law

State:

Multi-State

County:

Fulton

Control #:

US-00103BG

Format:

Instant download

Description

A comparison the United States law of contracts with the law of contracts of the People's Republic of China.

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Primary tabs. Implied covenant of good faith and fair dealing (often simplified to good faith) is a rule used by most courts in the United States that requires every party in a contract to implement the agreement as intended, not using means to undercut the purpose of the transaction.

A contractual commitment to act in good faith serves "to qualify self-interest, requiring that both parties act so as to allow both to enjoy the anticipated benefits of the contract".

Relational contracts which are subject to an implied duty of good faith require the parties to act with integrity and in a spirit of cooperation. Parties may pursue their own interests but in a way which allows them to have trust in the other.

The UCC imposes an obligation of good faith in the performance and enforcement of every contract and duty under its jurisdiction. UCC, § 1-304. The UCC generally defines good faith as “honesty in fact and the observance of reasonable commercial standards of fair dealing.” UCC, § 1-201.

Implied covenant of good faith and fair dealing (often simplified to good faith) is a rule used by most courts in the United States that requires every party in a contract to implement the agreement as intended, not using means to undercut the purpose of the transaction.

The Paradox That Is Georgia's Implied Covenant of Good Faith and Fair Dealing. While Georgia courts hold that a party exercising an express contract right must do so in good faith, those same courts hold that a party exercising an express contract right cannot breach the implied covenant.

The duty of good faith recognises that the interests of parties will conflict at times. It holds a lower standard than a fiduciary duty as the parties are not required to put the other side's interests before their own, or minimise their self-interest.

Sir Anthony suggested that the concept of good faith includes the following elements: (1) An obligation on the parties to co-operate in achieving the contractual objects (loyalty to the promise itself). (2) Compliance with honest standards of conduct.

In contract law, the implied covenant of good faith and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith, so as to not destroy the right of the other party or parties to receive the benefits of the contract.

Contract Law With Good Faith In Fulton

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