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The fact that a contract is one of utmost good faith does not mean, however, that it gives rise to a general fiduciary relationship. The relationship between insured and insurer is not akin to the relationship between, say, guardian and ward, principal and agent, [3] or trustee and beneficiary. In these latter instances, the inherent character ...
Ordinary contracts do not require "good faith" as such, [20] and mere compliance with the law is sufficient. However in particular relationships silence may form the basis of an actionable misrepresentation: [21] [22] Agents have a fiduciary relationship with their principal. They must make proper disclosure and must not make secret profits.
The concept of good faith was established in the insurance industry following the events of Carter v Boehm (1766), and is enshrined in the Insurance Contracts Act 1984 (ICA). [26] The act stipulates, in Section 13, obligations of all parties within a contract to act with utmost good faith.
In Manifest Shipping Co Ltd v Uni-Polaris Shipping Co Ltd [1] John Hobhouse, Baron Hobhouse of Woodborough said, . As Lord Mustill points out, Lord Mansfield was at the time attempting to introduce into English commercial law a general principle of good faith, an attempt which was ultimately unsuccessful and only survived for limited classes of transactions, one of which was insurance.
Bhasin v Hrynew, 2014 SCC 71 is a leading Canadian contract law case, concerning good faith as a basic organizing principle in contractual relations in Canada's common law jurisdictions. Facts [ edit ]
OliverMcMillan, established in 1978, is a private real estate development firm based in San Diego, California.It creates mixed-use retail, entertainment, and residential projects, both privately and through public-private partnerships with public entities and redevelopment agencies across the U.S. OliverMcMillan has received four national industry design awards and more than 50 regional ...