QUESTION
Any legal grounds on a "contract" buy of a business that fell through?
Asked on Mar 16th, 2012 on Business Law - Indiana
More details to this question:
In june of 2011 I "sold" my small business to 4 partners. I was moving out of state for a new job and needed to get to the position. Their attorney drew up the agreement and i received it in late September. The agreement had some issues I wanted to address, this while they were operating the business. Now in March of 2012 they are balking at formalizing and finshing the sale of the business. Do i have any recourse? i own 2 trucks they are using for deliveries, if they get out of the contract can I charge them for using my trucks and forklift?
1 ANSWER
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The answer is "it depends." You really need to be represented by your own attorney. It is not possible to tell, from the facts you have put forth, whether there was a binding oral agreement to sell the business (with the written contract intended merely to memorialize that agreement), or whether having a signed writing was a condition to having any agreement at all. This makes a huge difference. See an attorney.
Answered on Mar 16th, 2012 at 4:05 PM