28-2-704. Exception — sale of goodwill of business. (1) A person who sells the goodwill of a business may agree with the buyer to refrain from carrying on a similar business within the areas provided in subsection (2) so long as the buyer or any person deriving title to the goodwill from the buyer carries on a like business in the described areas.

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(2)The agreement authorized in subsection (1) may apply in:

(a)the city where the principal office of the business is located;

(b)the county where the principal office of the business is located;

(c)a city in any county adjacent to the county in which the principal office of the business is located;

(d)any county adjacent to the county in which the principal office of the business is located; or

(e)any combination of the areas in subsections (2)(a) through (2)(d).