How do I take my business back if out buyer has defaulted on payments?

Get Legal Help Today

 Secured with SHA-256 Encryption

How do I take my business back if out buyer has defaulted on payments?

My husband and I sold our business about a month ago. The contract states the buyer is in default after 60 days. The buyer made a partial payment for the month before last and has made a few small payments for this and last month. However, he still owes money. What is my course of action to get the business back?

Asked on January 18, 2012 under Business Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Sue the buyer--you will sue him for breach of contract. A material breach of contract (and not being paid the purchase price is certainly "material," or significant) can provide a basis for terminating the contract and recovering your business (someone is not allowed to keep something he hasn't paid for) and/or seeking monetary compensation. The best way to do this would be to hire an attorney to help you.


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 AttorneyPages.com 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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption