If a Dispute Arises and the Applicable Limited Liability Company

question 14

True/False

If a dispute arises and the applicable limited liability company statute does not cover the issue, a court will most likely dismiss the case.​

---

Definitions:

Negotiable Warehouse Receipt

A document issued by warehouse keepers that promises delivery of goods stored in the warehouse to the holder of the receipt, which can be transferred by endorsement.

Bailee

The person to whom a bailment is made.

Waived Rights

Rights that an individual or entity has voluntarily chosen to relinquish or forsake, often through a formal statement or agreement.

Strict Performance

A legal principle requiring parties to a contract to perform their obligations precisely, without deviation from the contract terms.