If you are planning on buying a home, condominium, townhouse, or other property, you must take note of whether any restrictive covenants will affect your ability to use your new residence.
Delaware Agreement Creating Restrictive Covenants
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Restrictive covenants in the labor and employment context are agreements between an employer and employee that restrict the activities of an employee following a separation of employment.
To be enforceable, the restrictive covenant must define reasonable limits, either ing to a period of time, geographical area, or type of work. In some states, such as California, there are specific laws that make non-solicitation agreements unenforceable unless they are introduced to protect trade secrets.
Under Delaware law, restrictive covenants generally are enforceable unless overly broad in the circumstances, and Delaware courts closely scrutinize them.
The Kodiak case indicates that Delaware courts may only support restrictive covenants that apply to the goodwill and competitive space of the acquired company and in the market the acquired company serves and may decline to enforce a restrictive covenant that extends to all industry spaces held by a buyer before the ...
Beginning in October of 2022, the Delaware Chancery Court issued three decisions in which it determined a non-compete and a non-solicit were too broad and therefore unenforceable. Two of these cases involved a non-compete when a business or assets were sold.
[1] The court considered three options: (1) the employee choice doctrine, which provides that courts should not review forfeiture-for-competition provisions for reasonableness so long as the employee voluntarily terminates his or her employment; (2) the searching reasonableness standard reserved for restrictive ...