Conclusion

Good faith obligation as a commercial term has been linked to contract law since the times of the ancient Rome. Its roots in classical contract law have allowed the concept of good faith obligation to evolve through various legal frameworks, notably in canon law and civil law and, to a limited extent, in common law jurisdiction such as in the US. The majority of the developed legal systems around the world have, in one form or another, acknowledged a general principle of good faith in their respective contract law. However, this is not the case for Australia and most of the Anglo-Antipodean common law nations who have not yet acknowledged a comprehensive obligation of good faith in contracts. Despite this, the push for contract law harmonisation, driven by the impacts and influences of and the internationalisation of commercial transactions, undeniably necessitates a re-evaluation of this stance. As such, an appraisal of whether the obligation of good faith remains viable and relevant in Australian contractual relationships is a very significant issue.