Terms Used In Louisiana Revised Statutes 39:1553

  • Contract: means all types of state agreements, regardless of what they may be called, including orders and documents purporting to represent grants, which are for the purchase or disposal of supplies, services, major repairs, or any other item. See Louisiana Revised Statutes 39:1556
  • 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.

A.  Supplementary general principles of law applicable.  To the extent not inconsistent with the particular provisions of this Chapter, the principles of Louisiana law shall supplement its provisions.

B.  Obligation of good faith.  Every contract or duty within this Chapter imposes an obligation of good faith in its performance or enforcement.  “Good faith” means honesty in fact in the conduct or transaction concerned and the observance of reasonable commercial standards of fair dealing.

Added by Acts 1979, No. 715, §1, eff. July 1, 1980; Acts 2014, No. 864, §2, eff. Jan. 1, 2015.