Good faith: Difference between revisions - Wikipedia

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==Law==

{{main|Good faith (law)}}

In [[law]], ''bona fides'' denotes the [[:wikt:mental state|mental]] and [[morality|moral]] states of honesty and [[belief|conviction]] regarding either the [[truth]] or the [[Deception|falsity]] of a [[proposition]], or of a body of [[opinion]]; likewise regarding either the rectitude or the depravity of a line of [[Action (philosophy)|conduct]]. As a legal concept, ''bona fides'' is especially important in matters of [[Equity (law)|equity]].<ref>{{cite web|access-date=2008-03-03|url=http://dictionary.law.com/default2.asp?selected=819&bold=|title=good faith |publisher=Law.com }}</ref><ref>Good Faith as an international principle of law [http://www.trans-lex.org/901000 Trans-Lex.org]</ref> The concept of ''bona fide'' is also proclaimed by the original version of ''[[Magna Carta]]''.<ref>''[[Magna Carta]]'' (1215), Clause I</ref> In contract law, the implied covenant of good faith is a general presumption that the parties to a contract will deal with each other honestly and fairly, so as not to destroy the right of the other party or parties to receive the benefits of the contract. In insurance law, the insurer's breach of the implied covenant may give rise to a legal liability known as [[insurance bad faith]].

Most US jurisdictions view breaches of implied covenants of good faith and fair dealing solely as a variant of breach of [[contract]]. Linguistically, in the US, [[American English]] usage of ''bona fides'' applies it as synonymous with [[credential]]s, professional background, and documents attesting a person's [[identity document|identity]], which is not synonymous with [[bona fide occupational qualifications|''bona fide'' occupational qualifications]]. More recently, other [[common law]] countries have begun to adopt good faith as a general principle. In the UK, the High Court in ''[[Yam Seng Pte Ltd v International Trade Corp Ltd]]''<ref>{{cite BAILII |litigants=Yam Seng PTE Ltd v International Trade Corporation Ltd |link=Yam Seng Pte Ltd v International Trade Corp Ltd |court=EWHC |division=QB |year=2013 |num=111 |para= |parallelcite=[2013] 1 CLC 662, [2013] BLR 147, [2013] 1 All ER (Comm) 1321, [2013] 1 Lloyd's Rep 526, 146 Con LR 39 |date=1 February 2013 |courtname=auto}}</ref> expressed this preference. In Canada, the [[Supreme Court of Canada|Supreme Court]] declared in ''[[Bhasin v. Hrynew|Bhasin v Hrynew]]'' that good faith was a general organizing principle.<ref>{{cite web|url=https://scc-csc.lexum.com/scc-csc/scc-csc/en/item/14438/index.do |title=SCC 71|year=2014|website=scc-csc.lexum.com}}</ref>