Concept of piercing the corporate veil allows shareholder

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Reference no: EM132173000

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1. In Washington, the concept of “piercing the corporate veil” allows a shareholder or limited liability company member to be held personally liable for his/her/its actions, based on that shareholder or member’s conduct, even though the shareholder or limited liability company member would usually be shielded from liability.

2. If a contract for the sale of goods does not include a price term or a delivery date, the contract is not enforceable.

3. In order for a court to confirm that two “partners” have truly formed a partnership through their written agreement to acquire real estate, the partners must prove that they are actively carrying on a business; mere passive ownership of property is not enough to establish the existence of a legal partnership.

4. Reformation as a contract remedy is available for court order when fraud or mutual mistake (for example, a clerical error) is present.

Reference no: EM132173000

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