Breach of contract

UPDATED: Oct 1, 2022

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Breach of contract

I sold a business by contract. First payment was made on May 1st,2018 as per schedule. New Link Destination
day, I received via email that the purchaser of the business will not be continuing with the business. The buyers are offering me to retrieve the furnishings and the remaining inventory in exchange for holding them harmless.
My question …. is this an anticipatory breach of contract that I must act on immediately, or is the breach of contract effective when the next payment is due 5/21/2019?
Thank you.

Asked on May 21, 2018 under Business Law, Washington


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Based on what you write, this is an anticipatory breach: they have clearly signaled their intention to not perform under the contract. You could sue them to enforce the contract: i.e. for the payments you are to receive pursuant to the contract.

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 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.

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