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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 ...
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.
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.
Where the property is reconveyed by the good faith purchaser to an original grantor who had notice of an outstanding interest in the property. Where the property is conveyed by the good faith purchaser to a person who had violated a trust or duty with respect to the property. The shelter rule also applies to the transfer of negotiable instruments.
Concept in contract law specifying that all parties must act with the utmost good faith. ubi eadem ratio, ibi idem jus: where there is the same reason there is the same law; [14] like reason doth make like law. [15] See the judgment of Lord Holt CJ in Ashby v White. ubi jus ibi remedium: wherever a right exists there is also a remedy
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.
This exception arises from the fiduciary duty spouses owe each other, based on a special trusted relationship implying utmost good faith and fair dealing. Spouses are generally incapable of transmuting property, except under specific circumstances where they make an EXPRESS DECLARATION of transmutation through a clear statement in a dignified ...
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 ]