What Type of Statute Would Authorize an Individual to Form

question 83

Multiple Choice

What type of statute would authorize an individual to form an LLLP?

• A)Federal statute
• B)State statute
• C)International statute
• D)City statute

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Definitions:

Concurrent Conditions

Conditions in a contract or legal agreement that must be met by both parties at the same time in order for the contract or agreement to become effective or proceed.

Precedent

A model case that a court can follow when facing a similar situation.

Delegation

The process of assigning responsibility and authority from one person or entity to another to carry out specific activities.

Obligor

A person or entity legally obligated to provide a benefit or payment to another in a contract.