Examlex
Which of the following statements is incorrect?
Manifestly Unreasonable
A term describing actions or decisions that are so unfair or absurd that they are immediately recognizable as unjust.
Consent Restraint
A security transfer restriction requiring a shareholder to obtain the consent of the corporation or its shareholders prior to the shareholder’s sale of her shares.
Option Agreement
A share transfer restriction granting a corporation or its shareholders an option to buy a selling shareholder’s shares at a price determined by the agreement.
Buy-and-Sell Agreement
a legally binding agreement between co-owners that outlines what will happen to an owner’s share of the business if they depart the business due to death or any other reason.
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