Quite often, one party accuses the other party of not negotiating in “good faith”. I never gave much thought to the precise meaning of this term until I attended an entertainment law seminar in which one of the speakers mentioned that most entertainment contracts contain a clause requiring the parties to negotiate the terms “in good faith”. He then queried how does one really determine if this clause has been breached, and if so, how does one then calculate damages?
In sum, when one really thinks about it, the definition of “good faith” is elusive, lying in the eyes of the one doing the defining! Like the definition of “fairness”, does one define it from a moral standpoint, legal standpoint, cultural standpoint, religious standpoint, ethical standpoint et cetera? A quick look at online dictionaries shows that “good faith” has been defined as “
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