Jump to ContentJump to Main Navigation
Philosophical Foundations of Contract Law$
Users without a subscription are not able to see the full content.

Gregory Klass, George Letsas, and Prince Saprai

Print publication date: 2014

Print ISBN-13: 9780198713012

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780198713012.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 05 April 2020

Good Faith as Contract’s Core Value

Good Faith as Contract’s Core Value

(p.272) 14 Good Faith as Contract’s Core Value
Philosophical Foundations of Contract Law

Daniel Markovits

Oxford University Press

The duty of good faith is not a separate undertaking of the parties, but an approach towards the duties they have undertaken. It is an attitude of respect for the contract relation. To display good faith performance is to recognize the authority of the contract and of one’s counterparty to insist on performance of its terms. The contractual duty of good faith is thus a private analog of the public duty to obey that attaches (defeasibly) to every law. Similarly, the duty of good faith in performance is not a duty to coordinate optimally, but attaches only to the agreed-upon contract. Although dominant (economic) theories cast good faith as perfecting contracts, the better view makes good faith a more pedestrian ideal. Good faith also takes the measure of contractual solidarity. It allows contracting parties to remain as self-interested and as free as they were before, except that they must accept that the best interpretation of what they agreed to binds them to limit their self-interest. Such contractual solidarity is not lesser than but rather different from more intimate, natural-law-like fiduciary forms of solidarity.

Keywords:   good faith, freedom of contract, commercial law, private law, legal theory, efficient breach, contractual solidarity

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .