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A buy/sell agreement is a prudent forethought for your business. Having a buyout agreement in place insures continuity in the event you retire, become incapacitated or die. A buyout agreement avoids potential taxation problems and provides an orderly transfer of wealth and ownership. For example, if your company purchased XYZ Corporation for $1 million in 2010, a breakup agreement transfers title of the assets to the decedent’s beneficiaries. The agreement also specifies that the surviving spouse may die before his or her spouse, and that the entire value of the assets are transferred to the surviving spouse’s estate. Without a buyout agreement, the spouse will inherit a half of the value.

A non-compete clause occurs when one party promises not to enter or start a similar profession or trade in competition with the other party under a non-compete provision, restrictive covenant, or covenant not to compete. This type of agreement is referred to as “restrictive covenants” by courts.

This type of compensation is given to an innocent party who was harmed as a result of another party’s actions. During the time that the innocent party reasonably believed that there existed a valid contract, the value of the benefit that the innocent party provided to the other party shall be awarded.

When considering real estate boundary disputes, there are four main types: Lot line disputes; Fence, landscaping, and outbuilding disputes; Access disputes; and Adverse possession claims.
A quiet title action is a circuit court lawsuit filed with the intent of establishing or settling the title to a property; the litigation is intended to resolve or quiet the claim or objection to the title. Quiet title litigation may be initiated by the holder of a prior deed of title to the property, or by someone with a claim to the title. Quiet title actions are not typical court filings because the value of the property at issue is relatively high, usually more than 100 million dollars. However, quiet title actions are important because title is fundamental and may be the most important part of the underlying claim. Establishing or settling the title to the property will help resolve the dispute.
An easement is the right to use another person’s property for a specific purpose. There are many different types of easements disputes pertaining to driveway access, road access, parking disputes, preventing someone from blocking your view, and billboard easements. A boundary dispute may arise in which an easement is attached to property, and one or both parties believe that they are the rightful owner of the land. Since easements are a special kind of property, the laws surrounding easements differ from the laws surrounding other types of property.

A promissory note (or note payable) is created when one party agrees to pay a certain amount of money, either at an agreed upon period in the future, or upon the request of the recipient, under specific terms.

Loan agreements and promissory notes commonly include an acceleration clause (also known as an acceleration covenant) that allows the lender to demand quick repayment of the whole loan amount if specific conditions are met.

According to the doctrine of promissory estoppel, an individual or entity can be held responsible for their actions if the promise they made was made in good faith and they relied on it.

The elements of a promissory estoppel claim include (1) a promise that is explicit and unambiguous; (2) reliance by the party to whom the promise is made; (3) [this] dependence must be both reasonable and foreseeable; and (4) actual injury to the party asserting the estoppel by their reliance.

Per the California Commercial Code Section 3118(a), action to enforce a promissory note’s payment has a six-year statute of limitations compared to a four-year statute of limitations for an action in an obligation, liability, or contract. This time frame begins on the date of the note’s due date.

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