Glossary Archive

Operating Agreement An Operating Agreement is a key document utilized by limited liability companies (LLCs) to outline the organization’s operations and establish the members' financial and managerial rights and duties. This document serves as an internal contract among the members and is not typically filed with the state, although it is essential for defining the...

Opt-Out Clause in Arbitration An opt-out clause in arbitration is a provision within a contract that allows one or more parties to decline or withdraw from the arbitration process under certain conditions. This clause provides flexibility to the parties involved by enabling them to choose not to participate in arbitration and, instead, pursue litigation or...

Option Agreement for Real Estate Development An Option Agreement for Real Estate Development is a legal contract that grants a developer the exclusive right, but not the obligation, to purchase a specific parcel of real estate at a predetermined price within a certain time frame. This type of agreement is commonly used in real estate...

Option to Extend Lease Agreement An Option to Extend Lease Agreement is a contractual provision that grants a tenant the right, but not the obligation, to extend the duration of a lease for an additional term at the end of the original lease period. This option is typically included in the lease agreement and is...

Option to Purchase Agreement An Option to Purchase Agreement is a legal contract that grants one party the exclusive right, but not the obligation, to purchase a property or asset from another party at a predetermined price within a specified time frame. This agreement is commonly used in real estate transactions, but it can also...

Option to Renew Lease Agreement An Option to Renew Lease Agreement is a provision within a lease contract that grants the tenant the right to extend the lease for an additional period under specified terms and conditions. This option typically outlines the duration of the renewal period, the method for notifying the landlord of the...

An Oral Trust Agreement is a type of trust arrangement established through verbal communication rather than written documentation. While many trusts are formalized in writing to ensure clarity and compliance with legal standards, an oral trust can still be recognized in certain circumstances, particularly when specific elements of trust formation are met. Overview An Oral...

Overview An Oral Trust is a type of trust that is created verbally rather than through written documentation. While trusts are typically formalized in written form to meet legal standards and ensure clear evidence of the grantor's intentions, an oral trust can still hold validity under certain circumstances, although it is often more challenging to...

An Oral Will, also known as a nuncupative will, is a type of will that is declared verbally rather than written down. This form of will is typically created in situations where the testator (the person making the will) is unable to prepare a formal written document, often due to imminent death or incapacity. In...

Outright Distribution An outright distribution refers to the transfer of assets from a trust or estate directly to a beneficiary without any conditions or restrictions. This means that the beneficiary receives their inheritance in full and is free to use, sell, or manage the assets as they see fit. In the context of estate planning,...