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

Contract Law With Good Faith In Philadelphia

Category:

Contracts - Contract Law

State:

Multi-State

County:

Philadelphia

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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In general, the duty of good faith and fair dealing means, for example, that parties cannot evade the spirit of the bargain, lack diligence or slack off, perform incorrectly on purpose, abuse their power when specifying the terms of a contract, or interfere with or fail to cooperate in the other party's performance.

Overall, in the context of the case, the duty of good faith clause imposed a core requirement that the parties should act honestly towards each other and the company, and not to act in bad faith towards each other.

The principle of good faith has guided all contractual relationships in Canada since 2014. At a bare minimum, it imposes a duty not to lie in the performance of the contract itself and an obligation to exercise any contractual discretion reasonably.

Parties cannot rely on the strict terms of a contract to justify dishonest conduct – the duty of honest performance imposes an obligation to act honestly and in good faith when performing contractual obligations, even if the terms of the contract allow for termination or other actions.

Under common law, good faith requires parties to an agreement to exercise their powers reasonably and not arbitrarily or for some irrelevant purpose. Certain conduct may lack good faith if one party acts dishonestly or fails to have regard to the legitimate interests of the other party.

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 'good faith' duties promote loyalty or fidelity to the contractual relationship, primarily by requiring honesty and cooperation in contract performance and by precluding the exercise of discretionary contractual powers in a manner that is unreasonable or outside the proper purposes of the power.

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".

Contract Law With Good Faith In Philadelphia

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