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Examples of good faith in a Sentence
Word History
14th century, in the meaning defined above
Dictionary Entries Near good faith
Cite this Entry
“Good faith.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/good%20faith. Accessed 5 Nov. 2024.
Kids Definition
good faith
nounLegal Definition
good faith
nounNote: The meaning of good faith, though always based on honesty, may vary depending on the specific context in which it is used. A person is said to buy in good faith when he or she holds an honest belief in his or her right or title to the property and has no knowledge or reason to know of any defect in the title. In section 1-201 of the Uniform Commercial Code good faith is defined generally as “honesty in fact and the observance of reasonable commercial standards of fair dealing.” Where recent U.C.C. amendments have not been adopted, this definition is found in Article 3 on negotiable instruments (and applies to Article 4 on bank deposits and collections and Article 4A on funds transfers), while Article 2 on sales defines it as “honesty in fact and the observance of reasonable commercial standards of dealing in the trade.” Article 5 (letters of credit), as amended, defines it as “honesty in fact in the conduct or transaction concerned.” The U.C.C. imposes an obligation of good faith on the performance of every contract or duty under its purview. The law also generally requires good faith of fiduciaries and agents acting on behalf of their principals. There is also a requirement under the National Labor Relations Act that employers and unions bargain in good faith.
translation of Latin bona fides
More from Merriam-Webster on good faith
Thesaurus: All synonyms and antonyms for good faith
Britannica.com: Encyclopedia article about good faith
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