-
Good faith and fair dealing are obligations implied in every contract, including contracts among owners of closely held businesses, and cannot be waived by the language in an operating agreement voiding fiduciary duties.
-
The duties of good faith and fair dealing require disclosure of conflicts of interest involving controlling LLC members or partners.
-
Contracts contain obligations that are so ‘obvious’ that they are not included in the written agreement; these obligations fall withing the scope of good faith and fair dealing.
The Business Divorce Law Report
