Minnesota Statutes 336.1-304 – Obligation of Good Faith

Current as of: 2023 | Check for updates | Other versions

Every contract or duty within the Uniform Commercial Code imposes an obligation of good faith in its performance and enforcement.

Contract: A legal written agreement that becomes binding when signed.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}