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Court Of Chancery Holds LLC Agreements Are Binding Even If Not Signed

Posted In LLC Agreements
Seaport Village Ltd. v. Seaport Village Operating Company LLC, C.A. 8841-VCL (September 24, 2014) In an opinion that should come as no big surprise, the Court of Chancery holds that the parties to an LLC agreement, including the LLC, are bound by the terms of that agreement even if they have not signed a written agreement. After all, that is what the statute says expressly.  In short, there is no statute of frauds that requires a writing to be bound to an agreement in this context.