Louisiana Revised Statutes 10:1-304 – Obligation of good faith
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Terms Used In Louisiana Revised Statutes 10:1-304
- 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.
Every contract or duty within this Title imposes an obligation of good faith in its performance and enforcement. Under this Section, “good faith” has the meaning with which that term is used in the title on “Conventional Obligations or Contracts” in the Louisiana Civil Code.
Acts 2006, No. 533, §1.