Some States Provide That in the Absence of an Agreement

question 33

True/False

Some states provide that in the absence of an agreement to the contrary each member of a limited liability company has one vote.

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Definitions:

Novation

A legal process that involves the replacement of an existing obligation with a new one, transferring the rights and duties to a different party.

Anticipatory Breach

An action in contractual agreements where one party indicates they will not fulfill their contractual obligations before the due time.

Abandonment

The act of giving up a legal right or interest with the intention of never claiming it again, often seen in property or relationship contexts.

Contractual Obligations

Duties that parties are legally bound to perform as specified in a contract, the failure of which could lead to legal consequences.