Legal Issues in Accounting-- duty of good faith

Part I '...However, current law stops well short of imposing a duty to negotiate in good faith. Rather, these developments would appear to favor the acceptance of a duty not to negotiate in bad faith. Further, the application of equitable estoppel in appropriate situations would appear to be an appropriate mechanism for the basis of developing a good faith doctrine. ' --Jane Edwards 'Once one uses the external standard of reasonableness the reference to …

…on the real intention of parties at the time of contract; even without the involvement of implication of terms, the meaning of a contract provision can still be ascertained. As Mason J stated in Codelfa Construction Pty Ltd v State Rail Authority of N.S.W: ' ...The implication of a term is an illustration of the process of construction, though differing from the more orthodox ascertainment of the meaning of a contractual provision....'