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Good Faith Obligation

Definition

A duty arising during negotiations of a final agreement that requires the parties to exercise good faith and fair dealing while performing the contract. An implied obligation of good faith and fair dealing exists in the performance of every contract and acts as a limit on the discretion possessed by the parties.

Related Rules


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Geysen v. Securitas Security Services, USA, Inc.


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Super Glue Corp. v. Avis Rent A Car System, Inc.