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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.
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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