Which of the Following Statements Is True

question 3

Multiple Choice

Which of the following statements is true?

• A) There is a common consensus as to the meaning of good faith in contract law.
• B) English common law recognises a general duty of good faith.
• C) Good faith in contract law imposes limits on self-interested conduct and requires some regard for the interests of the other party.

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Definitions:

Community

A group of people living in the same place or having a particular characteristic in common, often marked by a sense of belonging or shared identity.

Common Good

The benefit or interests of all involved parties or the wider community, opposed to the interests of a select group.

Social Rules

Guidelines for behavior that are accepted by a group; they govern interactions among individuals within societies to maintain order.

Secondary Stakeholder Groups

Those individuals or organizations indirectly affected by a company's operations, typically not directly engaged in transactions with the company but impacted by its actions.