A Video Explaining Ethics and the Development of the Covenant of Good Faith
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The Development of the Implied Covenant of Good Faith and Fair Dealing
\\n\\nThe Covenant of Good Faith and Fair Dealing is a general assumption of the law of contracts, that people will act in good faith and deal fairly without breaking their word. When insurers use shifty means to avoid obligations or deny what the other party obviously understood was a violation of the duty of good faith. The covenant, with regard to insurance, has been implied in every contract of insurance since the beginning of modern insurance at the Lloyd\\u2019s Coffee shop more than three centuries ago.
\\nThe implied duty of good faith and fair dealing is a centuries-old concept. It is aimed at ensuring that the parties to a contract do not interfere with the other party\\u2019s performance or destroy the other party\\u2019s reasonable expectations with respect to the benefits of the contract.
\\nGiven that the duty has been in place for hundreds of years and is firmly rooted in the common law, it is unlikely that it will disappear in the near future. The implied duty of good faith and fair dealing protects the ability of the parties to rely on their contract, the promises and risks undertaken, and the parties\\u2019 reasonable expectations.
\\nThe first recognized statement of the covenant of good faith and fair dealing was issued by Lord
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