More details to this question:
Our NV based company received a Purchase & Assignment Agreement to factor our accounts receivable with a WA. We made a material change to the contract (changed the line of credit limit from $150K to $100K), signed it, faxed it back on 1/30/14 which my understanding is a counteroffer. We were forwarded more docs to sign. We found through a BBB report that this company had some VERY bad reviews of unscrupulous business practices. On 2/7/14 we faxed a rescission/revocation of our side to them PRIOR to any notification of acceptance and they acknowledged receipt. We are now being bullied by their in-house atty saying we are bound since they signed the contract on 1/31/14 (even though they never sent us a copy of the 'executed' contract until today 2/19/14 by email. I say we are not bound because we rescinded prior to receiving any notification of their acceptance of our counteroffer. So 20 days later they say here is a your copy of the executed contract. Contract or no contract??
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1 Award
If they signed on Jan. 31, then they effectively accepted your counteroffer of Jan. 30. I do not know what they other documents show without more information. Arguably, the contract existed. However, if you repudiated/rescinded the contract prior to their performance, they may have a hard time showing any damages as a result. Without knowledge of the contents of the various documents, it is hard to provide an answer definitively.
Answered on Feb 24th, 2014 at 3:31 PM