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It is an agreement between the employer and his or her employee whereby the employee promises to refrain from competing with that of employer’s business.
• Time • Geographical Location • Purpose
Most courts will simply invalidate the parts in the non-compete agreement that are illegal and enforce the other provisions of the contract.
• There is a consideration. • The employer has a legitimate business interest to refrain the employee from competing with it. • The restriction on the employee’s right to compete is not overbroad.
If a Non-Compete Agreement prevents you for working for a long time, the whole agreement would get invalidated.
Maybe nothing, as long as your employer does not want to enforce the agreement. It is more likely that your employer will either file a lawsuit against you to enforce the agreement for an injunction (i.e. decree to the court to refrain you from violating the agreement) and/or money damages.
Generally, yes. These agreements are generally assignable, i.e. freely transferable.