Every contract or duty governed by the Condominium Act imposes an obligation of good faith in its performance or enforcement.
History: Laws 1982, ch. 27, § 11.
Compiler's notes. — This section is substantially similar to § 1-113 of the Uniform Condominium Act.
COMMISSIONERS' COMMENT
This section sets forth a basic principle running throughout this act: in condominium transactions, good faith is required in the performance and enforcement of all agreements and duties. Good faith, as used in this act, means observance of two standards, "honesty in fact" and observance of reasonable standards of fair dealing. While the term is not defined, the term is derived from and used in the same manner as in § 1-201 of the Uniform Simplification of Land Transfers Act, and §§ 2-103(i) (b) and 7-404 of the Uniform Commercial Code [55-2-10355-7-404 NMSA 1978].
Am. Jur. 2d, A.L.R. and C.J.S. references. — 15A Am. Jur. 2d Condominiums and Cooperative Apartments § 26.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
