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In Canada, the Supreme Court of Canada has recognised that good faith contractual performance is a general organising principle of the common law.This duty applies to all contracts, requiring parties to act honestly in the performance of their obligations, and therefore would operate to determine whether activation of a termination for convenience clause had been done in good faith.
For example, the Commonwealth of Massachusetts will assess punitive damages under Chapter 93A which governs unfair and deceptive business practices, and a party found to have violated the covenant of good faith and fair dealing under 93A may be liable for punitive damages, legal fees and treble damages.
The test of whether one has acted in good faith is a subjective one; the cases suggest honesty, and possibly also reasonableness. There is no such implied term under UK common law: an attempt was made by Lord Denning in a series of case during the 1970s and 1980s but they are no longer considered 'good law'.
A list of examples of unfair terms are set out in Schedule 2. In DGFT v First National Bank plc [11] the House of Lords held that given the purpose of consumer protection, regulation 6(2) should be construed tightly and Lord Bingham stated good faith implies fair, open and honest dealing.
Uberrima fides (sometimes seen in its genitive form uberrimae fidei) is a Latin phrase meaning "utmost good faith" (literally, "most abundant faith"). It is the name of a legal doctrine which governs insurance contracts .
For example, in a coal-supply agreement, the mining company may seek to have "geological risk" included as a force majeure event; however, the mining company should be doing extensive exploration and analysis of its geological reserves and should not even be negotiating a coal-supply agreement if it cannot take the risk that there may be a ...
Held, that the clause only applied to a warranty, and the description was actually a condition of the contract. Andrews Bros (Bournemouth) Ltd v Singer and Co Ltd [1934] 1 KB 17; In a contract for ‘new Singer cars’ the clause was ‘all conditions, warranties and liabilities implied by statute, common law or otherwise are excluded.’
Indemnity clauses. s4, A party dealing as a consumer cannot contract to indemnify a third party on behalf of the other party, except insofar as it satisfies the requirement of reasonableness. Sale of goods . s6(3), Implied terms as to description, quality and sample ( Sale of Goods Act 1979 ss 13–15) may only be reasonably excluded where ...
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