Alyssa Ladd, left, and Stuart Zisman, right, of King & Spalding in Houston. Courtesy photos
On Jan. 31, 2020, the Texas Supreme Court (the “Court”) affirmed the 2017 judgment of the Dallas Court of Appeals that Texas law upholds the rights of contracting parties to agree not to be partners unless certain conditions precedent are satisfied or waived. The Court held that “parties can conclusively negate the formation of a partnership under Chapter 152 of the [Texas Business Organizations Code (“TBOC”)] through contractual conditions precedent.”
BACKGROUND
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