What does restraint of trade mean?
Definitions for restraint of trade
re·strain·t of trade
This dictionary definitions page includes all the possible meanings, example usage and translations of the word restraint of trade.
Princeton's WordNet
restraint of tradenoun
any act that tends to prevent free competition in business
Wiktionary
restraint of tradenoun
An agreement that prevents fair competition on the open market, such as an agreement by one party to hire a second party to work within a profession on the condition that the second party will not compete against the first.
Wikipedia
Restraint of trade
Restraints of trade is a common law doctrine relating to the enforceability of contractual restrictions on freedom to conduct business. It is a precursor of modern competition law. In an old leading case of Mitchel v Reynolds (1711) Lord Smith LC said, it is the privilege of a trader in a free country, in all matters not contrary to law, to regulate his own mode of carrying it on according to his own discretion and choice. If the law has regulated or restrained his mode of doing this, the law must be obeyed. But no power short of the general law ought to restrain his free discretion. A contractual undertaking not to trade is void and unenforceable against the promisor as contrary to the public policy of promoting trade, unless the restraint of trade is reasonable to protect the interest of the purchaser of a business. Restraints of trade can also appear in post-termination restrictive covenants in employment contracts.
ChatGPT
restraint of trade
Restraint of trade is any activity, agreement, or condition that prevents or restricts free competition in the marketplace. It typically refers to scenarios where businesses or individuals make agreements to manipulate prices, limit supply, or thwart competition in any way. These restraints can be considered illegal under antitrust or competition laws in many jurisdictions.
Wikidata
Restraint of trade
Restraint of trade is a common law doctrine relating to the enforceability of contractual restrictions on freedom to conduct business. In an old leading case of Mitchell v Reynolds Lord Smith LC said, "it is the privilege of a trader in a free country, in all matters not contrary to law, to regulate his own mode of carrying it on according to his own discretion and choice. If the law has regulated or restrained his mode of doing this, the law must be obeyed. But no power short of the general law ought to restrain his free discretion." A contractual undertaking not to trade is void and unenforceable against the promisor as contrary to the public policy of promoting trade, unless the restraint of trade is reasonable to protect the interest of the purchaser of a business. Restraints of trade can also appear in post-termination restrictive covenants in employment contracts.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of restraint of trade in Chaldean Numerology is: 4
Pythagorean Numerology
The numerical value of restraint of trade in Pythagorean Numerology is: 4
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"restraint of trade." Definitions.net. STANDS4 LLC, 2024. Web. 26 Apr. 2024. <https://www.definitions.net/definition/restraint+of+trade>.
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