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Simple English definitions for legal terms
pool
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A quick definition of pool:
POOL: A group of people or organizations who work together and share resources and money to achieve a common goal. This can include buying or selling things together. However, if the group is formed to stop competition in an entire industry, it is against the law.
A more thorough explanation:
Definition: An organization of people or entities who combine their resources and funds to achieve a common goal. This can include a group of individuals who buy or sell goods together.
Example 1: A group of farmers in a small town form a pool to purchase seeds and fertilizer in bulk, which allows them to save money on their farming expenses.
Example 2: A group of tech companies form a pool to share research and development costs for a new technology that they all plan to use in their products.
It's important to note that if a pool is formed with the intention of eliminating competition in a particular industry, it can be considered a violation of federal antitrust laws.
These examples illustrate how a pool can be beneficial for individuals or entities who want to achieve a common goal while also saving money. By combining their resources, they can achieve more than they would be able to on their own. However, it's important to ensure that the pool is not formed with the intention of eliminating competition, as this can be illegal.