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LSDefine

Simple English definitions for legal terms

implied covenant of good faith and fair dealing

Read a random definition: redditus

A quick definition of implied covenant of good faith and fair dealing:

The implied covenant of good faith and fair dealing is a rule that says everyone in a contract has to do what they agreed to do and not try to cheat the other person. This rule applies to all contracts, even if it's not written down. It's hard to understand because it depends on the situation, but basically, it means being fair and not trying to trick someone. For example, if a famous athlete agrees to let only one company use their picture on products, the company has to actually make and sell those products so the athlete can make money. This rule is important because it helps make sure people keep their promises and don't try to take advantage of others.

A more thorough explanation:

The implied covenant of good faith and fair dealing is a rule that requires all parties in a contract to act in good faith and not use means to undermine the purpose of the transaction. This rule applies to the performance of a contract and is automatically included in any contract without being stated. However, it does not apply to the negotiation of the contract.

For example, if a famous athlete signs a contract with a company allowing only that company to use their image on products in exchange for a part of the profits, the company must make and sell those products even if the contract does not explicitly say so. This is because the athlete only makes a profit if products are sold, which implies that the company must make and sell the items.

The key part of this rule is fairness, and it can be difficult to determine whether a party is attempting to avoid performance or if there was a misunderstanding. Courts must analyze each case to determine whether a party has breached the implied covenant of good faith and fair dealing.

implied contract | implied easement by necessity

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Dkk
20:32
Crypto is booming right now and my friend is CPO of a carbon creidt company on the blockchain and the Canadian government has called him like 3 times this week and he needs help so he actually just gave me a job offer today.
i aspire to be bridgit mendler
Dkk
20:32
Nah, just security there.
wait are u actuaLLY a big crypto guy
m10
20:33
Yeah, like huge into the Cardano space. One of the runner ups for the government on Cardano.
do yall think admissions judges what job you have during ur gap year
babycat
20:34
probably
m10
20:34
My constitution that I wrote is getting submitted on the 30th and if the community likes it, then I will be the first person in the world to write a constitution for on-chain blockchain based governance.
m10
20:34
Right now it's me and two other people.
babycat
20:34
you should meet the urbit guys. they have thielbux I think
damn, i was impatient to hear back from my jobs so i was just gonna work retail but idk if admissions is high brow about that
m10
20:35
@babycat: I may have already met them. I met urbit people like 3-4 years ago. It's just hard to do their stuff.
m10
20:35
Ahh any work is good work to admissions usually.
babycat
20:36
yeah I thought she meant like a year before she applied. if you already applied it doesn’t matter all that much
m10
20:36
Personally, I have only helped launch two coins but my friends want to launch a third. Bigegst project is probably disco solaris: https://www.jpg.store/collection/moebiuspioneersdressed
ohh yeah i mean right now cuz im still waiting and i dont like being unemployed but i dont know if theyd be like she works at aerie not a finance firm ew
m10
20:37
And then, the sexy naked ones hehehehe: https://www.jpg.store/collection/moebiuspioneersnakeddiscos
babycat
20:37
@m10: I don’t like that they’re all tied to pictures of people
i also think getting a job faster will help with going crazy over admissions even if its not as "fancy"
m10
20:38
All of what? That's like the only NFT project I worked on that was moderately good @babycat
@m10: thats so cool
JumpySubsequentDolphin
20:41
hi SPLITTY I think you should get a job at aerie for the discount
babycat
20:41
what if I just want to purchase the value without owning a lady with x tape on her boobies?
m10
20:42
Get the ones that are dressed up then!
@JumpySubsequentDolphin: LITERALLY I also just applied to work at garage cuz 50% EMPLOYEE DISCOUNT
m10
20:43
Or legacy collection v1
JumpySubsequentDolphin
20:43
@SplitterusClitterus: GARAGE JEANS FIT ME SO WEIRDLY WHICH SUCKS BC THEYRE SO CUTE
m10
20:43
The cool thing about V2 was it was an infinitely generating collection so they would have never sold out but they ended it early cus of the bear market.
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