MLchartDataset catalogue

Duty of good faith

Term · Law · MLC-T-LAW-001784

An implied obligation in many contracts and legal relationships requiring parties to act honestly and fairly, without seeking to take unfair advantage of the other party. This duty prevents parties from undermining the spirit of an agreement, even if their actions are technically within the letter of the contract. It is a common principle in commercial law and insurance contracts.

Table 1. Record
IdentifierMLC-T-LAW-001784
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-001784",
  "term": "Duty of good faith",
  "field": "Law",
  "definition": "An implied obligation in many contracts and legal relationships requiring parties to act honestly and fairly, without seeking to take unfair advantage of the other party. This duty prevents parties from undermining the spirit of an agreement, even if their actions are technically within the letter of the contract. It is a common principle in commercial law and insurance contracts.",
  "url": "https://mlchart.com/terminology/law/duty-of-good-faith/"
}

Record 1,667 of 5,441 in Law terminology (MLC-0107). Request the full dataset.