Covenant Not To Complete
Legal agreement not to perform an activity similar to that performed by another individual or business. This contractual provision may be necessary to keep trade secrets, prevent taking away existing clients using the current business's methods, or otherwise seriously impair the activities of the existing business.. Foe example, a real estate broker who signs a covenant not to complete may prohibit him from opening up a real estate brokerage firm within 50 miles for a two-year period. this restriction is particularly important when the employee is highly qualified and will likely develop a strong customer following. However, if the restriction is very excessive, it may be legally unenforceable.
Popular Real Estate Terms
The definition of restraint on alienation is a limitation on the right to convey or transfer owned real estate to another party. This restriction on conveying property has an effect that ...
Derogative term describing a high-pressure telemarketing office where sales personnel often use extremely exaggerated claims as well as intense sales practices to convince targets clients ...
Investment made rationally and intelligently as would be expected by a professional person. A reasonable degree of safety and return are expected. A example is an office building with 99% ...
Tax concept whereby income not actually received is considered to be constructively received by a taxpayer and thus must be reported. An example is a bond interest coupon. The interest is ...
Process by which a lessee rents his apartment to another. ...
The equity in property because of work in it by the buyer or holder which directly increases its value. ...
Market condition in which sellers exceed buyers, thereby causing prices to fall. In real estate, declining markets may result from unfavorable business conditions and high interest rates. ...
Enumeration of the consideration given by each party to a contract which in some cases must be in written form to be enforceable. For example, the statute of frauds requires that all ...
Assets owned by an individual as part of his or her estate except for land and everything attached to the land. Personal property may be either tangible, having physical substance such as ...
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