Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

buyout agreement

Read a random definition: exemplary

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
The profile links are not working for me. anybody else?
13:18
i’m in the same boat mastermonkey but with lower stats. i hope i hear back by mid march
CheeseIsMyLoveLanguage
13:24
@mastermonkey45: Looking at some of the recent decisions in relation to when they went complete, I'd say it's a good sign. It seems many declines were sent within about 5-6 weeks of completion. Given those were applications that were SENT in January, I'd say that means you're still solidly in the running. :)
14:30
Sent an app to OSU in early december and have STILL not heard back
Give it 4 more weeks at least. Everyone in this chat needs to wait longer.
LSD+ is ad-free, with DMs, discounts, case briefs & more.