m7 - Assignment module 7 by Shtabina A Chapter 8 Q 1 p 184...

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Assignment module 7 by Shtabina A. Chapter 8 Q. 1 p. 184 There is no doubt that most of the rules of contract law presently conform with notions of good faith and fair dealing. The doctrine of good faith and fair dealing is a centuries-old concept. It is aimed at ensuring that the parties to a contract do not interfere with the other party’s performance or destroy reasonable expectations of the other party with respect to the benefits of the contract. Given that the duty has been in place for hundreds of years and is firmly rooted in the common law. Historically, the drafters of the Uniform Commercial Code attempted to promote fair dealing and higher standards of behavior in the marketplace both for sellers and buyers. The Restatement (Second) of Contracts (§205) provides : «Every contract imposes upon each party a duty of good faith and fair dealing in its performance and its enforcement». ( ). What is more, Uniform Commercial Code states that good faith means «honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade» ( UCC§ 1- 201(b)(20) (amended 2003) ) . Actually, the concept is interpreted as an obligation to not hinder performance or prevent the other party from obtaining the fruits of the bargain. Besides, good faith and fair dealing is part of every contract unless it is expressly excluded. Moreover, this doctrine includes the concept of an unconsciable contract, implied warranties which impose certain standards of quality on sellers, limitations on sellers` power to contractually deny responsibility for their goods, higher standards of merchants’ behavior.
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