good faith and fair dealing - a shorthand description of the duties owed by an agent to the party or parties in a transaction who are not the agent's principal. For example, an agent representing the seller in a transaction will generally be obliged to tell the truth to the buyer, to disclose material defects in the property even if the seller chooses not to do so, and to avoid making misleading statements to the buyer. See also agency, dual agency, and fiduciary duty.

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