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If a buyer in a sale of a business values a covenant not to…

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If a buyer in a...
If a buyer in a sale of a business values a covenant not to compete at $50,000 is he limited to that amount if the seller violates the covenant?
Submitted: 11 months ago.Category: Real Estate Law
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Answered in 5 minutes by:
7/31/2017
Real Estate Lawyer: Loren, Lawyer replied 11 months ago
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,786
Experience: 30 years of real estate practice experience.
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I am Loren, a licensed attorney for over 30 yrs. Thank you for your patience as I review the question. I will post my response shortly.

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Real Estate Lawyer: Loren, Lawyer replied 11 months ago

If the $50,000 is stated as liquidated damages then that is the limit the seller would be liable for.

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Customer reply replied 11 months ago
The value in the contract is goodwill $300,000 and covenant not to compete $50,000
Real Estate Lawyer: Loren, Lawyer replied 11 months ago

If the buyer can prove additional damages then it could be more. The covenant to not compete value is likely for purchase price allocation. It is not, necessarily, a measure of damages.

I am sorry. I wish I could tell you otherwise.

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Real Estate Lawyer: Loren, Lawyer replied 11 months ago
Did you have further questions? I am happy to continue if you do.
Otherwise, have I answered your question.
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Real Estate Lawyer: Loren, Lawyer replied 11 months ago

If you have no further questions please remember to rate my service (5 Stars) so that I am credited by JA for answering your question and also so that I may close the question.

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Thank you!

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