Every duty under KRS § 383.505 to KRS § 383.715 and every act which must be performed as a condition precedent to the exercise of a right or remedy under KRS § 383.505 to KRS § 383.715 imposes an obligation of good faith in its performance or enforcement.
Effective: July 13, 1984

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Terms Used In Kentucky Statutes 383.550

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.

History: Repealed and reenacted 1984 Ky. Acts ch. 176, sec. 10, effective July 13,
1984. — Created 1974 Ky. Acts ch. 378, sec. 11.