QUESTION
Bought a business for cash. Business is completely dependant on computer system. System inaccessable but was not disclosed at transaction. Fraud?
Asked on Oct 29th, 2014 on Business Law - California
More details to this question:
Couldn't access system to increase prices. Some bills didn't get paid, including seller's loan, which is now in collections. The prices were 2009 based and it appears their presented picture of the business was embellished. We're not deadbeats, just can't pay on time, and we told them. What recourse do I have?
1 ANSWER
2 Awards
When did you purchase the business? My immediate concern would be that you may have an issue with the statute of limitations. If the seller of the business need make misrepresentations about the business you may have a claim for fraud or breach of contract.
Thanks,Jon
Answered on Oct 29th, 2014 at 3:19 PM