Contract for purchasing business

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Contract for purchasing business

Purchased a business 6 months ago. The seller will not offer their contract modifications or sign it, despite my multiple attempts to do so. We have already paid for 20% of the total sale price. Can the seller take the business back?

Asked on May 11, 2009 under Business Law, Maryland

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

There are a number of other things a Maryland attorney would want to know, before giving you advice.

It sounds like you went ahead and took over operation of the business without a signed contract.  If so, technically you don't own it, but that isn't the end of the story.

Some of the questions your attorney -- and I very strongly recommend you hire one immediately -- would want to know is, who prepared the proposed but unsigned contract you referred to, and what modifications the seller might have talked about ahead of time.  The negotiations that took place before you started running the business might be important.  Any changes you made to the business property would also be something to discuss, and your profit or loss over the six months will be important, too.  That's just a starting point.

I'm not a Maryland lawyer, and even if I were, I wouldn't be able to give you advice without getting into the details.  This is a very complicated situation, and you have far too much at stake to risk trying to handle this on your own.  You can start looking for someone to represent you at our website, http://attorneypages.com


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