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Simple English definitions for legal terms

buyout agreement

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A quick definition of buyout agreement:

A buyout agreement is a contract that says one person or group can buy something from another person or group in a specific situation. This can happen in different situations, like when people own a business together and one person wants to leave. They agree that the other people can buy their part of the business for a certain amount of money. It can also happen when someone wants to stop renting a place or when people own property together.

A more thorough explanation:

A buyout agreement, also known as a buy-sell agreement, is a legal contract that allows one party to buy the share, assets, or rights of another party under specific circumstances. These agreements can be standalone contracts or part of larger agreements and can arise in various contexts.

One common context for buyout agreements is in partnership and corporate ownership. For example, if three doctors form a joint practice, they may agree to a buyout agreement that allows the remaining doctors to buy a retiring doctor's ownership for a specified price, such as $1,000,000.

Buyout agreements can also arise in other forms, such as a landlord paying a tenant to withdraw from a lease or buying a joint owner's share of property.

These examples illustrate how buyout agreements work by providing a legal framework for parties to buy or sell ownership or rights under specific circumstances. They can help ensure a smooth transition of ownership and protect the interests of all parties involved.

buyer | bylaw

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13:11
berk today will be Huge if it happens
2big2fail
13:12
i think berkeley next wave will be in december
13:13
that is probable i just have a funny where i say “berk today” every single day
2big2fail
13:13
makes sense
@JumpySubsequentDolphin: TODAY IS OUR DAY also 1pm est or pst?
JumpySubsequentDolphin
13:14
YEAHHH SPLITTY. also PST
yo mama jokes will never not be funny
everyone trying to YM each other but no JM... damn :/
AHAHAHAAH
i'm lying in wait dw
if no gtown today i'm crashing out so bad yall don't even know
i will not be racist or say slurs tho unlike Some people
how bad on a scale of wild- evol bunny
HAHAHAH
BulbasaurNoLikeCardio
13:20
Evol bunny said they are dropping out and done with LS, they are too good for it so likely will never see the melt downs again
Dkk
13:20
@SplitterusClitterus: 11:22:24 PST, so in about an hour.
Dkk
13:21
Adios EvolBunny then
yall saw the shit at gtown rn w the pregnant 2l
Dkk
13:22
@HopefullyInLawSchool: Lol
babycat
13:22
we have one local rep who didn’t get reelected bc she went on a podcast and said some crazy shit about jewish people
insane
13:22
@HopefullyInLawSchool: that is so unfair its insane that people have to go through that
theres a student that is literally having a baby and the admin denied her request for a test extension, and told her to come in the day after she gave birth to take the exam w her baby
come in the DAY AFTER SHE GIVES BIRTH
W HER BABY
13:23
saw that, crazy that she cant just hold the fucker in for a day longer
LMFAO
babycat
13:23
gulc going to hell I’m so serious
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