Good Faith In International Commerce
Introduction:
What does good faith mean? Does good faith matter in modern commerce? If it matters to what extent does it matters?
Well it might not be a wise thought to doubt the importance of the doctrine of good faith in the twenty-one centuries where the international commerce function in a highly sophisticated way. The doctrine can easily influence from the small village transaction of goods and services to international commerce where billions of dollars are transacting to import or export goods and services in daily basis. Consequently, all those who take part in the transaction are expected to act in a good faith at least in most legal systems.
Moreover, despite some differences, most jurisdictions, international laws and treaties
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It has been related to commercial transactions and exchange of goods and services from the beginning of that time onwards. The term had served as one of Lex Mercatorian in commerce and influenced moral, philosophical and juridical institutions throughout its existence. Both the European contract law and the UNIDROIT Principles of International Commercial Contracts, contains general provisions that entail ‘parties to the commercial contracts in performing their duties or exercising their right to act in accordance with good faith and fair dealing’. The EU member state’s dedication to an integrated internal market gave a tremendous relief when questions arise as to which contract law regulation should be applied in transcontinental trade. In the domain of choice of law rules under the Rome convention entails, ‘The parties to the contract are free to select the governing law, and in the absence of an express choice, the law which is closer to the transaction will be …show more content…
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