What is the agreement between sonia and brian

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Reference no: EM133312854

Case Study: Sonia owns a small accounting firm named PROACCOUNTING in midtown Man- hattan. The firm has a loyal base of clients who are all in the restaurant business. Sonia's accounting firm has been in business for 15 years. Sonia's main clients are within the States of New York and New Jersey. After much discussion, Sonia nc- gotiates to sell her accounting firm to Brian for $2,000,000 pursuant to a written agreement, with payments for the business to be made every month for 24 months. As part of the agreement, Sonia agrees not to practice accounting in the tri-state area (New York, Connecticut, and New Jersey) for a period of 24 months from the date of sale. Brian separately negotiates a 1-year lease extension agreement for PROACCOUNTING's current office space in midtown with the building's owner, Frank. One month after the sale of the business agreement was signed, Sonia opens a new accounting firm and files a certificate of incorporation for the new firm in Massachusetts. She is working from her Manhattan apartment due to the COVID pandemic. Sonia does not send any announcements to her former clients, but she posts her new firm's information on Instagram, Facebook, and updates her LinkedIn profile to reflect her new business. Her new firm will also specialize in representing restaurants. Please answer the following based on the information above:

Question 1: Did the agreement between Sonia and Brian for the sale of PROACCOUNT- ING need to be in writing? Why or why not?

Question 2: Did the lease agreement between Brian and Frank need to be in writing? Why or why not?

Question 3: What is the agreement between Sonia and Brian whereby Sonia agrees not to practice accounting in the tri-state area called?

Question 4: If Brian sues Sonia for violating the agreement mentioned in question 1C above, what will be the result? Explain Fully.

Reference no: EM133312854

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