Bar Exam Uniform Quiz
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BUSINESS ASSOCIATIONS AND RELATIONSHIPS
Question 1 of 20
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Two individuals formed a manager-managed LLC to develop real estate. The certificate of organization, which is a public record, clearly names one of the individuals as the sole manager. The operating agreement, which is not a public record, contains a provision requiring the manager to obtain the non-managing member's consent for any transaction exceeding $100,000. The manager, without obtaining consent, entered into a contract to sell a piece of LLC property for $150,000 to a buyer who had not seen the operating agreement.
The non-managing member learned of the sale and seeks to void it. Is the LLC bound by the contract? Select one.
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