Iowa Code 523H.10 – Duty of good faith
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Terms Used In Iowa Code 523H.10
- Franchise: means either of the following:(1) An oral or written agreement, either express or implied, which provides all of the following:(a) Grants the right to distribute goods or provide services under a marketing plan prescribed or suggested in substantial part by the franchisor. See Iowa Code 523H.1A franchise imposes on the parties a duty of good faith in performance and enforcement of the franchise agreement. “Good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade.