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LSDefine

Simple English definitions for legal terms

buyout agreement

Read a random definition: United States v. Wong Kim Ark

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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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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