A nonsolicitation agreement is a type of restrictive covenant that restricts former employees either from soliciting clients or employees from their former employer. Nonsolicitation provisions are often found within business contracts or may constitute separate agreements.
Short for promissory note, a note is a written unconditional promise to pay the bearer, or another party named therein, a certain sum of money at a time specified.
Notice of default is a formal written statement from one party to a contract informing the other that it has failed to perform required obligations.
A novation is an agreement made between two contracting parties to allow for the substitution of a new party for an existing one. The original contracting party who is replaced by the new party with the novation is excused by the novation, and therefore the original party who is replaced gives up any rights they have against the other original party to the contract. Both original contracting parties must agree to the novation.
The term “obligation” means a duty to do or not to do something. In its legal sense, obligation is a civil law concept.
An obligor is a person within the law of secured transactions that, with respect to an obligation secured by a security interest in or an agricultural lien on some collateral owes payment or other
Offer is part of contract negotiations where a party agrees to do or not do something in exchange for consideration. An offer must be stated and delivered in a way that would lead a reasonable person to expect a binding contract to arise from its acceptance.
Offeree refers to the party in a contract negotiation that receives an offer and has the power to accept the offer, creating a binding contract. The other party in a contract negotiation is the offeror who makes the initial offer.
