Horizontal Agreement - Law Dictionary Search Results
Home Dictionary Name: horizontal agreementhorizontal agreement
horizontal agreement : an agreement among economic competitors on the same level of production or distribution compare vertical agreement NOTE: Horizontal agreements are generally considered illegal as violating antitrust laws. ...
vertical agreement
vertical agreement : an agreement among economic competitors on different levels of production or distribution that affects competition compare horizontal agreement NOTE: Unlike horizontal agreements, vertical agreements are not considered illegal per se under antitrust laws, but they must withstand judicial scrutiny to be held valid. ...
privity
privity pl: -ties [Old French privité privacy, secret, from Medieval Latin privitat- privitas, from Latin privus private] 1 : the direct connection or relationship between parties to a contract or transaction (as a purchase) [ of contract] see also horizontal privity, vertical privity NOTE: Formerly a suit for breach of warranty or negligence arising from a product could only be brought by a party to the original contract or transaction, and only against the party (as a retailer) directly dealt with. Only these parties had privity. Under modern laws and doctrines of strict liability and implied warranty, however, the right to sue has been extended to those, such as third-party beneficiaries and members of a purchaser's household, whose use of a product is foreseeable. 2 a : a mutual or successive interest esp. in the same rights of property (as by inheritance or purchase) ;also : the condition of having such an interest see also horizontal privity, vertical privity b : an ...
horizontal restraint
horizontal restraint : a restraint of trade involving an agreement among competitors at the same distribution level for the purpose of minimizing competition ...
restraint of trade
restraint of trade 1 : an act, fact, or means of curbing the free flow of commerce or trade [covenant not to compete with an employer after leaving is in restraint of trade and must be reasonable to be enforced] 2 : an attempt or intent to eliminate or stifle competition, to effect a monopoly, to maintain prices artificially, or otherwise to hamper or obstruct the course of trade and commerce as it would be if left to the control of natural and economic forces [the Sherman Antitrust Act declared every contract, combination, and conspiracy in restraint of trade to be illegal] ;also : the means (as a contract or combination) employed in such an endeavor see also horizontal restraint, per se rule, rule of reason, vertical restraint Sherman Antitrust Act in the Important Laws section ...
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