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An agency's compliance with the bona fide need rule is measured at the time the agency incurs an obligation and depends on the purpose of the transaction and the nature of the obligation being entered into. 61 Comp. Gen. 184, 186 (1981) (bona fide need determination depends upon the facts and circumstances of the particular case).
A simple example of not at arm's length is the sale of real property from parents to children. The parents might wish to sell the property to their children at a price below market value, but such a transaction might later be classified by a court as a gift rather than a bona fide sale, which could have tax and other legal consequences.
Data requirements can also be identified in the contract via special contract clauses (e.g., DFARS), which define special data provisions such as rights in data, warranty, etc. SOW guidance of MIL-HDBK-245D describes the desired relationship: "Work requirements should be specified in the SOW, and all data requirements for delivery, format, and ...
The concept of bona fide is also proclaimed by the original version of Magna Carta. [5] In contract law, the implied covenant of good faith is a general presumption that the parties to a contract will deal with each other honestly and fairly, so as not to destroy the right of the other party or parties to receive the benefits of the contract.
For a contractual "penalty" clause to be valid, one must show that it was drawn up after a bona fide attempt to estimate loss in advance of the breach. For example, a motorway construction contract may have an estimated finish date with a "penalty clause" for every day late; but provided that this date is realistic and the "penalty" is a ...
However, the problem of successive bona fide purchasers can be remedied: If the jurisdiction recognises an implied warranty that the seller has title to the property (such as under Article 2 of the Uniform Commercial Code (UCC)), then the bona fide purchaser can sue the seller for breach of that implied warranty.
Interpreting contracts in English law is an area of English contract law, which concerns how the courts decide what an agreement means.It is settled law that the process is based on the objective view of a reasonable person, given the context in which the contracting parties made their agreement.
Specific performance is an equitable remedy in the law of contract, in which a court issues an order requiring a party to perform a specific act, such as to complete performance of a contract. [1] It is typically available in the sale of land law , but otherwise is not generally available if damages are an appropriate alternative.