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Zach Sold a Restaurant to Shane for $295,000

question 36

Essay

Zach sold a restaurant to Shane for $295,000.As part of the agreement,Zach promised not to open another restaurant business for three years within a 50-mile radius of the one sold.Is this agreement enforceable against Zach?


Definitions:

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition.

Price Ceiling

A legal maximum price that can be charged for a good or service, intended to protect consumers from high prices.

Price Ceiling

A legal maximum price that can be charged for a good or service, typically set by government.

Market for Apartments

The economic interaction of supply and demand determining the rental prices and availability of apartment units.

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