Michigan Laws 440.1304 – Good faith obligation
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Terms Used In Michigan Laws 440.1304
- Contract: A legal written agreement that becomes binding when signed.
- Good faith: except as otherwise provided in article 5, means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Michigan Laws 440.1201
- 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.