A(n) __________ states that the previous business owner will not start or own a similar business within a specific geographic area for a certain amount of time.

Question

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A noncompete covenant is a legal agreement between a buyer and a seller which states that the previous business owner will not start or own a similar business within a specific geographic area for a certain amount of time. This is done to protect the buyer's investment and prevent the seller from potentially harm the new business.

A(n) __________ States That the Previous Business Owner Will Not