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Agreeing Not to Open a Competing Business Could Be Consideration

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Agreeing not to open a competing business could be consideration.


Definitions:

Rent Ceilings

Government-imposed limits on the maximum amount that can be charged for renting a property, aimed at protecting tenants from excessive rent increases.

Transfer of Ownership

The process by which the rights of property or title are moved from one party to another.

Void

A term applied to a contract that is not valid because its object is illegal or it has a defect that is so serious that it is not a contract.

Lease

(1) A transfer of the right to possess and use goods for a period of time in return for consideration. (2) The agreement between a landlord and a tenant that specifies the terms of a property rental.

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