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good faith

noun

Simple Definition of good faith

  • : honesty in dealing with other people

Source: Merriam-Webster's Learner's Dictionary

Full Definition of good faith

  1. :  honesty or lawfulness of purpose

Examples of good faith in a sentence

  1. You have no right to question my good faith.



1755

First Known Use of good faith

1755

Rhymes with good faith


Law Dictionary

good faith

noun

Legal Definition of good faith

  1. :  honesty, fairness, and lawfulness of purpose :  absence of any intent to defraud, act maliciously, or take unfair advantage <filed the suit in good faith> <negotiating in good faith> — see also good faith exception, good faith purchaser — compare bad faith



Additional Notes on good faith

The meaning of good faith, though always based on honesty, may vary depending on the specific context in which it is used. A person is said to buy in good faith when he or she holds an honest belief in his or her right or title to the property and has no knowledge or reason to know of any defect in the title. In section 1-201 of the Uniform Commercial Code good faith is defined generally as “honesty in fact and the observance of reasonable commercial standards of fair dealing.” Where recent U.C.C. amendments have not been adopted, this definition is found in Article 3 on negotiable instruments (and applies to Article 4 on bank deposits and collections and Article 4A on funds transfers), while Article 2 on sales defines it as “honesty in fact and the observance of reasonable commercial standards of dealing in the trade.” Article 5 (letters of credit), as amended, defines it as “honesty in fact in the conduct or transaction concerned.” The U.C.C. imposes an obligation of good faith on the performance of every contract or duty under its purview. The law also generally requires good faith of fiduciaries and agents acting on behalf of their principals. There is also a requirement under the National Labor Relations Act that employers and unions bargain in good faith.

Origin of good faith

translation of Latin bona fides


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