Good Faith

Satisfaction Clauses

"I'll buy it if I like it" subjective but must at least be in good faith i.e. look at the portrait before claiming you do not like it

You have the right to assume that a party won't engage in conduct that deprives you the ability to make money

TRUE

Implied Covenant of Good Faith is a mandatory term of the K.

TRUE *does not have to be bargained for

There is no cause of action for bad faith.

TRUE *you would argue the "K required this and it was not done in good faith"

Contract law does not require parties to be ______, _______, or ____________.

fair, kind or reasonable *only requires parties avoid taking advantage of opportunities

Implied Covenant of Good Faith

the implied duty of good faith in performance and enforcement of a contract is considered a term added to the parties' K both by common law and UCC *only governs performance/enforcement; not negotiation/formation of K