How “Good Faith” Is Implied in New York Contracts

As you may know, under New York law, every contract carries an implied covenant (i.e., promise) of “good faith and fair dealing.” 511 West 232nd Owners Corp. v Jennifer Realty Co., 98 NY2d 144, 746 NYS2d 131, 773 NE2d 496.
But what on earth does that mean?
It’s actually rather tricky; in fact, New York’s courts have [...]