The Good Faith Principle in the Drafting and Implementation of the Agreement's Law

Law

This article does not offer a novel theory of good faith in treaty law, but rather presents a consistent definition and method for comprehending and interpreting the notion of good faith in globally uniform law. Good faith is an exception to these rules since, in some situations, a party acting in bad faith may be required to pay damages to the aggrieved party and the contract may be amended, modified, or even cancelled if the parties' balance is disturbed. The concept of good faith is one of the most fundamental tenets of contract law in the majority of legal systems, including continental and civil law in Europe. This article was written using a normative juridical research technique, namely a qualitative and comparative approach. This normative juridical approach also encompasses studies on the philosophical underpinnings of contracts, most notably those concerning the philosophical underpinnings of the theory of good faith. The conclusion of this article reflects the consensus of the majority of legal professionals about the many definitions of good faith in terms of time, location, and person. The majority of specialists agree that good faith is an intangible and abstract characteristic devoid of technical or legislative definition. This includes, but is not limited to, sincere belief, the absence of malice, and a lack of intent to mislead or seek unjustified advantage. The parties are required to carry out their agreement in good faith by executing it. The term "good faith" in the context of agreement execution refers to objective good faith. The objective good faith standard is an objective standard, which also refers to an objective norm.

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