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Ellen
Ellen, Attorney
Category: Business Law
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Experience:  25 years of experience helping people like you.
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If I sign a Subscriber License Agreement with a financial company

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If I sign a Subscriber License Agreement with a financial company to trade E-Mini S & P 500 Futures with no signiture from them is it binding? The manager of the company is using another name probably because he was convicted and sent to prison and because of the lies he told me to get my $6000. I understood if I did not make a profit on the trades to recover my $6000; that I would receive my $6000 back. They claim that if the system makes $ 1 requardless of the $6000 fee. The exact wording is the next sentence.CTI (Group) will refund 100% of the Subscriber's License/Subscription Fee if during the 12 month period immediately following Subscriber's subscription hereunder, the Program does not show a gross profit. I stopped trading after lossing $1700. I am not required to trade system for refund. The system today is losing around $250 . They indicated the system was making 121% per year with 36 out of 37 winning trades. I have been scammed by another company for $25k & 500k trading.
Submitted: 5 years ago.
Category: Business Law
Expert:  Ellen replied 5 years ago.

WebLaw :

*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*

WebLaw :



So sorry to hear of this dilemma. If my answer is not clear to you, please ask me for clarification by using the reply button.

WebLaw :



Unfortunately there is not a right of rescission on a Subscriber License Agreement because it is not signed by the other party. Therefore, absent language to the contrary in the Agreement, you would not have a right to rescind nor renegotiate the contract.

That said, there are a myriad of reasons to justify rescinding the Agreement. Basically, the law allows an Agreement to be rescinded if it is based upon fraud, mistake, or significant non-disclosure or concealment.


I suggest that you retain local counsel to pursue your remedies.

WebLaw :


Please let me know if you have any questions concerning my answer. Otherwise please click accept.

Customer:

Do I need the lies in their writing to have a good chance to go to small claim court?. My rough notes are not very? What are you thoughts on this sentence and the term gross profits? The exact wording is the next sentence.CTI (Group) will refund 100% of the Subscriber's License/Subscription Fee if during the 12 month period immediately following Subscriber's subscription hereunder, the Program does not show a gross profit. The dictionart defined gross profit as

Customer:

Gross Profit = Net Sales - Cost of goods sold.

Customer:

Do I need the lies in their writing to have a good chance to go to small claim court?. My rough notes are not very? What are you thoughts on this sentence and the term gross profits? The exact wording is the next sentence.CTI (Group) will refund 100% of the Subscriber's License/Subscription Fee if during the 12 month period immediately following Subscriber's subscription hereunder, the Program does not show a gross profit. The dictionart defined gross profit as





7:35 AM



Gross Profit = Net Sales - Cost of goods sold.



WebLaw :

I agree that your money should be refunded based upon the statement in the agreement as well as the other details indicated in your post. You will want to file suit to recover all monies paid

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