Explain the Position That a Court Will Take When It

question 62

Essay

Explain the position that a court will take when it is faced with a term in a contract that may be in restraint of trade.

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Definitions:

Taxable Income

The amount of income that is subject to tax, after accounting for deductions and exemptions.

FMV

Fair Market Value; an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would likely pay to a knowledgeable, willing, and unpressured seller.

Schedule M-1

A tax form used by corporations to reconcile income reported on the company's financial statements with the income reported on the tax return.

Book Income

The income or profit reported by a company in its financial statements before adjustments for taxes, as per accounting rules, different from taxable income.