Contractual Good Faith as a Fiduciary Duty Standard

, New York Law Journal

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In their Corporate and Securities Litigation column, Sarah S. Gold and Richard L. Spinogatti of Proskauer Rose write: Despite our seeming devotion to logic and reason, we lawyers, in various guises, have made the unknowable - state of mind - the fundamental determinant of many legal rights and obligations. Recently, the Delaware Supreme Court considered the concept of "good faith" - the "belief" that actions taken were in the best interests of a limited partnership - and the difficulties inherent in determining whether the requisite belief existed.

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