If I recently purchased a business but never signed the purchase agreement, can I void the sale?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I recently purchased a business but never signed the purchase agreement, can I void the sale?
I bought a business 10 days ago. However, I do not feel the terms of the contract, specifically running the business up to the sale as expected and training, have not been met. The owner who was supposed to be training me has “left town on family business” without even telling me. Also, I never actually signed the purchase agreement. Can I get out of this and get my money back?
Asked on May 9, 2011 under Business Law, Florida
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If you gave money and did not sign the purchase agreement and that person has not met his or her end of the bargain, it is arguable that your contract is voidable. If you haven't re-registered the business in your name and the person really didn't do what was required under the contract, then you can consider it possibly an anticipatory breach and inform the person by certified mail that you want your money back since the other breached the agreement by failing to train and running the business up to the sale point. If the person refuses to give your money back, get thee to court immediately.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.