I gave a deposit and a letter of intent to purchase a business but the terms have changed can I recoup my money

Question Details: I gave a deposit and a letter of intent to purchase a business with my brother in law but found out after interviewing they will not let the two of us do a partnership for the business. How likely is it that I can get my money back?

Asked 11/9/2009 under Business | 206 View(s) | More Legal Topics

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Business Law Answers

I am a lawyer in CT and practice in this area of the law.  The letter of intent is not a binding contract in general.  Usually, there are provisions in the document that states that the contract is not enforceable and that you may obtain a refund of your deposit.  i suggest that you hire a lawyer to review the LOI and determine what clause in the contract that permits you to retrieve your deposit as you should be able to have it returned.  most lawyers will meet with you for free intially.  Contact a lawyer asap.

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