N.Y. Uniform Commercial Code 1-304 – Obligation of Good Faith
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Section 1–304. Obligation of Good Faith.
Terms Used In N.Y. Uniform Commercial Code 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 act imposes an obligation of good faith in its performance and enforcement.