An agreement in which the seller agrees not to begin or operate a similar business within a certain geographic area, or within a specified period of time, is known as a(n):
A) service-level agreement.
B) agreement not to compete.
C) arbitration agreement.
D) nondisclosure agreement.

Question

Quizplus · Accepted Answer

An agreement not to compete is a legal agreement in which the seller agrees not to begin or operate a similar business within a certain geographic area, or within a specified period of time. It is also known as a non-compete agreement or a covenant not to compete. A service-level agreement is an agreement that outlines the specific terms and conditions of a service between a service provider and a client. An arbitration agreement is an agreement to resolve disputes outside of court, through the use of an arbitrator. A nondisclosure agreement is an agreement in which one party agrees not to disclose confidential information to third parties.

An Agreement in Which the Seller Agrees Not to Begin