Legal Question in Business Law in Massachusetts
Non-Compete Agreement
An individual and his company have a non-compete agreement (2 seperate agreements)that were originally seven years in length. Four years have past. This individual sold and financed only the assets of his company to another individual. The buyer wants to know, does the remaining non-compete agreement transfer along with the assets to his newly formed corporation? The seller is also renting space to the buyer. I would love to hear your thoughts on this subject. Thank you.
1 Answer from Attorneys
Re: Non-Compete Agreement
Your inquiry carries a posting date of 3/16/01, so you may already have found the answer to your inquiry. If not:
In the context of a sale of all or substantially all of the assets of a corporation, contractual rights would ordinarily be included in the transfer. The actual documents of sale may specifically include an assignment of contractual rights, but the omission of such language is not determinative.
Best wishes,
LDWG
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