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Simple English definitions for legal terms
concurrent covenant
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A quick definition of concurrent covenant:
A concurrent covenant is a type of agreement that is made between two or more parties at the same time. It is a legal promise that is made simultaneously and is binding on all parties involved. This type of covenant is often used in real estate transactions, where multiple parties may have an interest in a property. It is important to note that a concurrent covenant is different from a concurrent estate, which refers to a situation where multiple parties have ownership rights in a property.
A more thorough explanation:
A concurrent covenant is a type of covenant that is made simultaneously with another covenant. It is a legal agreement between two or more parties that is made at the same time as another agreement.
For example, if two parties enter into a contract to sell a piece of property, they may also make a concurrent covenant to maintain the property until the sale is complete. This means that both parties have agreed to take responsibility for the upkeep of the property until the sale is finalized.
Another example of a concurrent covenant is in trademark law. If two companies have similar trademarks that were both commercially used before they applied for registration, they may be allowed to register their marks concurrently. However, the U.S. Patent and Trademark Office may impose restrictions on each mark's use to prevent consumer confusion.