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Based on your stated facts, if you sold the business and financed payment, then the buyer is the owner, until you successfully rescind the contract. The buyer's breach of payments, after paying over a substantial amount of the purchase price, does not void the deal. It's simply a breach entiting you to damages for default.
Therefore, the buyer is entitled to enforce the noncompete, absent your proving that you were not attempting to solicit customers within your former business' georgraphic territory -- which is the threshold question under Maine case law.
Hope this helps.
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what kind of damages would he be entitled to under maine law if he has paid 72% of the original purchase price?
The percentage of payment does not determine his rights to damages.The right to damages is controlled by his ownership of the business.
If he cannot prove actual damages, then he would have to show that the customers you closed would have been reasonably foreseen as his customers, but for your intervention.
Also, he would get attorneys fees and costs, and he could potentially get punitive damages to discourage any repeat behavior -- this is not likely, though.
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