§ 37-2-3. Supplemental general principles of law — Obligation of good faith.
(a) Unless displaced by the particular provisions of this chapter, the principles of law and equity, including the Uniform Commercial Code, Title 6A, the law merchant, and the law of contracts, including, but not limited to, agency, fraud, misrepresentation, duress, coercion, mistake, and bankruptcy, shall supplement these provisions.
(b) Every contract or duty under this chapter shall impose upon both parts the obligation of good faith in its performance and/or enforcement. “Good faith” shall mean honesty in fact in the conduct or transaction concerned and the observance of reasonable commercial standards of fair dealing.
History of Section.
P.L. 1989, ch. 526, § 2.