The full title to this article should be “prescribing standards to measure performance of the contractual obligation of good faith and fair dealing under the New Jersey Revised Uniform Limited Liability Company Act.” For obvious reasons, it was shortened.
The New Jersey Revised Uniform Limited Liability Company Act (NJ-RULLCA) includes a contractual obligation of good faith and fair dealing: “A member shall discharge the duties under this act or under the operating agreement and exercise any rights consistently with the contractual obligation of good faith and fair dealing.” N.J.S.A. 42:2C39(d). In a manager-managed limited liability company (LLC), this obligation also applies to the managers. N.J.S.A. 42:2C-39(i)(2).
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