Good Faith: Discussions in Contracts Podcast
The topic of this podcast is the basic concept of good faith. Good faith, sometimes called the covenant of good faith and fair dealing, is an implied term in a party's obligation of performance in every contract. The podcast examines both the subjective and objective standards of good faith. It discusses the obligations of good faith under the common law - as expressed in Restatement (Second) of Contracts § 205 - and the Uniform Commercial Code § 1-304. It provides some history on the evolution of good faith in UCC Articles 1 and 2, and considers the variations on the definition of good faith adopted among the jurisdictions. Finally, the podcast covers the consequences of a breach of good faith. The cases of Reid v. Key Bank, Billman v. Hensel, and Neumiller Farms v. Cornett are discussed.
On completion of the podcast, the student will be able to:
1. Identify when good faith is applicable.
2. Distinguish between subjective and objective good faith.