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Sample Essay on Honesty in Contracts

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Sample Essay on Honesty in Contracts

An act of good faith requires all parties that are in a contractual agreement to act honestly and avoid taking advantage of the other party. An act of good faith requires the actions and behaviors of all the parties to be in line with the contractual agreement. A good example is in the case of Bhasin vs. Hrynew where Bhasin literally stabbed Hrynew in the back by stealing all clients. This behavior shows examples of behaviors that were done in bad faith. This was the first example that warranted the precedent involving the act of good faith (Knepper et al., 2015).

An act of good faith can be seen as an honest dealing. When two parties sign a contractual agreement, they clearly state the rules that govern their relationship. Any party that violates that relationship goes against the contract. However, it is important to note that the act of good faith is not written in any law. Therefore, an honest dealing ensures that both parties can conduct and fulfill the clauses in their contracts (Knepper et al., 2015). Thus, an act of faith can be said to only exist if there is an honest relationship between different parties.

An act of good faith should also bear expanded aspects such as fairness present in any kind of business relationships. More people get in a business with different parties because they believe they have mutual interests. However, since most of these interests are not written down some parties end up taking advantage of the other (Knepper et al., 2015). At the end, some of the parties in the contract take advantage of other parties. If the act is in place it will minimize such acts since a precedent will be utilized to set a relationship between the different parties.

Although there is no specific test that has been used to determine instances where acts of good faith can be utilized, the Supreme Court may consider business relationships involving different partners. Any contract being signed should contain the act at the bottom part to show that each client is supposed to behave in honesty and friendly manner. This should only exist in business partnerships. The act of good faith can be used when it has been both written and spoken. Alternatively, instead of encrypting it in law, the different parties may choose to sign an agreement or an act of good faith showing that they will be honest in their dealings and that they may not in one way or another affect a different party (Knepper et al., 2015).

            One perfect example of where an act of good faith can be used is in pre-contractual negotiation. Normally most of the parties present in an agreement first settle on a pre-contractual agreement before they go through the full contract process. Some of the people involved in pre-contracts make certain agreements before the real contract. However, some   of them use these contracts to gain advantage over different parties. Most of the clauses present in a pre-contract are not included in the final agreement and therefore, there is a high chance that different parties may exploit these aspects in one way or another. Therefore, when the act of good faith becomes part of the pre-contract agreement, neither partner will be able to take advantage of the different parties whether they end up signing an agreement or not (Tosato, 2016).

 

 

 

 

 

 

 

 

 

 

References

Tosato, A. (2016). Commercial Agency and the Duty to Act in Good Faith. Oxford Journal of      Legal Studies, gqv040.

 

Knepper, W. E., Bailey, D. A., Bowman, K. B., Eblin, R. L., & Lane, R. S. (2015). Duty of           Loyalty (Vol. 1). Liability of Corporate Officers and Directors.

 

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