What can I do about a contract that grants exclusive rights?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What can I do about a contract that grants exclusive rights?
I granted limited power of attorney to ABC Company to find unsecured money for me. In the agreement I signed it states that I agree not to apply for unsecured loans to any lenders that ABC Company applied me to for 180 days. I recently ending the power of attorney and my business relationship with ABC Company because they were not moving quick enough to find the money I need. I spoke to a rep on the phone and he listed 6 banks he wanted to use. I do not believe he ever actually applied to any of them. Can I apply to the banks he mentioned or will I violate my previous agreement?
Asked on June 21, 2013 under Business Law, Illinois
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
If he did not apply to those banks, you can be free to use them immediately. All you have to do to confirm is contact and see if a) your name has been used by such a broker/rep in the past 180 days or b) if the ABC company applied within the 180 days for you or in the amount you wished to borrow.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.