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Business Law

Business Law - Chapter 13 Purchase of a business the...

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Chapter 13 Purchase of a business- the promise by the seller of a business not to complete in that particular business in a reasonable geographic area for a reasonable period of time is enforceable Common Law Restraint of Trade- unreasonable restraints of trade are not enforceable Employment Contracts- an employment contract prohibiting an employee from competing with his employer for a reasonable period following termination in enforceable provided the restriction is necessary to protect legitimate interests of the employer - Restriction on employment possibilities o Does not matter if fined Example: donut shop 1) Area- reasonable 5 miles 2) Time- 6 months Exculpatory Clause- relievers a person of his or her liability (not responsible) Wavier of Liability- Unconscionable Contracts- unfair or unduly harsh agreements are not enforceable Party withdrawing before performance- Partial Illegality-
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Chapter 14 Capacity Minor- underage 18 - 18 year of age or mental capacity - Voidable whether executory or executed Liability of Contracts - Disaffirmation- release the minor from any liability on a contract o Avoidance of a contract Ratification- affirms action of a contract, can ratify contracts at age 18 If 18 and agree to a contract, one cannot disaffirm When a minor SELLS real estate the minor cannot disaffirm until 18 years of age You can disaffirm personal property Drum/Guitar- disaffirmation both but not just the guitar or just the drum set
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