ENTREPRENEURSHIP

Detailed explanation-1: -The duty of good faith is the principle that directors and officers of a company in making all decisions in their capacities as fiduciaries must act with a conscious regard for their responsibilities as fiduciaries. The duty applies equally to members of a limited liability company as well as partners in a partnership.

Detailed explanation-2: -Good faith is a broad term that’s used to encompass honest dealing. Depending on the exact setting, good faith may require an honest belief or purpose, faithful performance of duties, observance of fair dealing standards, or an absence of fraudulent intent.

Detailed explanation-3: -The duty of good faith is the principle that directors and officers of a corporation who are making decisions in their capacities as corporate fiduciaries, must act with a conscious regard for their responsibilities in that role.

Detailed explanation-4: -Through this principle, respect for fundamental rights and freedoms, justice, fairness, order, good faith, reasonableness and other values set out in the Constitution and arising from its substance can be introduced to economic relationships.