good faith

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Bona Fide

In law, belief that a statement or act is made or done honestly and with no ill intent, even if ill effect results. Liability for ill effect may be lessened or eliminated if the statement or act causing it was bona fide. The term is Latin for "in good faith," and the concept is sometimes referred to in this way.

good faith


References in periodicals archive ?
Key in establishing the validity of such a note is that it be contracted for bona fide and for adequate and full consideration.
Conversely, in Kirkpatrick, TC Memo 1977-281, the court found that transfers of S stock by a father and mother to their minor children were economically substantive and bona fide.