Good Faith

By: Martin M. Shenkman, CPA, MBA, JD

Acting in good faith means to conduct yourself in a manner that is based on honest belief, without malice or ill will, not to seek and unfair or unconscionable advantage, and so on. For example, a contract may say that you will make a "good faith" effort to perform your responsibilities under the contract. While the term is used frequently in documents, because it is inherently vague, you should endeavor to obtain more detailed performance terms that clarify to everyone what is expected, as well.

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