How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Brisbane-Lawyer Your Own Question
Brisbane-Lawyer
Brisbane-Lawyer, Solicitor - Admitted 2005
Category: Australia Law
Satisfied Customers: 14361
Experience:  I did my law degree at the University of Queensland
17651911
Type Your Australia Law Question Here...
Brisbane-Lawyer is online now
A new question is answered every 9 seconds

I have a small business on vendor terms and the contract has

This answer was rated:

I have a small business on vendor terms and the contract has now expired. I have asked the vendor for an extension of six months but has not given me an answer yes or no. Where do I stand? Im trying to get finance to pay him out but need more time.What are my rights if any?
Just to clarify, you are leasing property from someone, and the lease has expired. Is that correct?
Customer: replied 3 years ago.

Im buying the business from someone and the terms of contract are up. I have been making all vendor finance payments and have even made this months


 

The terms of what contract are up? The lease?
Customer: replied 3 years ago.


the offer to purchase the business on vendor terms


 

Did you sign a Business Sale Agreement?
Customer: replied 3 years ago.


does not look like it. I can email you a copy of what I have signed if this helps??

Please email it to:
[email protected]

And ask them to forward it to Alex in the Australia law group. This can take up to 24 hours.
Customer: replied 3 years ago.


Hi you have still not answered my question????


I emailed the paperwork over last week. Not very happy.


 

I apologise for that, it has been a busy week.

So you have not paid the balance of the purchase price yet, is that correct? The amount which was due on 1 July 2013?
Customer: replied 3 years ago.

that is correct. I have been trying every where to get finance and am still trying as we speak. BUt as I have no house and bad credit its proving to be hard.

In that case what is likely to happen is that the vendor will likely sue you for breach of contract for the outstanding amount owed. Unfortunately in that case, he will be able to go after your assets and property (if you have one).

</ br>

I'm sorry, and I wish I had better news for you. I realize that this answer may not be entirely to your liking, and I regret being the bearer of information that you really don’t want to hear.

</ br>

But it would be unfair to you and unprofessional of me if I were to provide you with anything less than truthful and honest information.

</ br>

As such, if you are satisfied with my effort in answering your question, then I'll ask that you please provide positive feedback.

Brisbane-Lawyer and other Australia Law Specialists are ready to help you