Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
duty of good faith and fair dealing
A duty that is implied in some contractual relationships, requiring the parties to deal with each other fairly, so that neither prohibits the other from realizing the agreement's benefits. This duty is most commonly implied in insurance contracts, and usu. against the insurer, regarding matters such as the insurer's obligation to settle reasonable demands that are within the policy's coverage limits. See GOOD FAITH; BAD FAITH.
good faith
n. A state of mind consisting in (1) honesty in belief or purpose, (2) faithfulness to one's duty or obligation, (3) observance of reasonable commercial standards of fair dealing in a given trade or business, or (4) absence of intent to defraud or to seek unconscionable advantage. - Also termed bona fides. - goodfaith, adj. Cf. BAD FAITH.
holder in good faith.
One who takes property or an instrument without knowledge of any defect in its title.
implied covenant of good faith and fair dealing
See COVENANT (1).
purchaser in good faith
See bona fide purchaser. 2. One who acquires real property by means other than descent or inheritance.