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P. Simmons
P. Simmons, Attorney
Category: Business Law
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Experience:  12+ yrs. of legal experience.
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I purchased a tow company that included accounts for that tow

Resolved Question:

I purchased a tow company that included accounts for that tow company, the phone number and tow trucks. its been 6 months and the previous tow owners have not turned over title to the trucks. Am i still obligated to make my monthly payment to the previous tow owners for the purchase of their company.
Submitted: 1 year ago.
Category: Business Law
Expert:  P. Simmons replied 1 year ago.
Thanks for the chance to help. I am an attorney with over 12 years experience. Hopefully I can help you with your legal question.

What you describe sounds a lot like a "breach of contract" on the part of the seller of this business.

Under contract law, if two or more parties agree to do something, or refrain from doing something and agree to exchange something of value as part of the agreement, you have a contract.

In your case, if there was an agreement that the seller transfer title to you as part of deal and they have not done so, they would be in breach.

What can you do?

You have a few options...but the first step is to review the contract. What you describe is a contract that would require a "writing"...so there should be a written contract. You will want to check that first to see if it covers this. Many times a contract for the sale of business will lay out the remedies either party can take of the other party does not honor the terms of the contract.

If this is not covered in the contract, then you can certainly demand that the seller comply with the contract...it is a good idea to do this in writing. If they continue to honor the terms of the contract, then you can sue them for the damages you suffer.

Not paying the monthly amount is not typically the best option, since that puts you in breach as well.

But you can do this and force them to sue you...then your lawyers can fight this out in court.

But you may find that if you simply demand they transfer title (in writing) and let them know you will sue them for breach if they do not, that they do so (transfer title)

But to answer your question, can you stop paying?

If the contract does not otherwise provide for this situation and they are in breach, then you can stop paying. Just understand that could land this in court where you have to hire a lawyer to sort it out.

But if they are in breach? Then you would be liable for the damages you suffer for them not transferring title.

P. Simmons, Attorney
Category: Business Law
Satisfied Customers: 25475
Experience: 12+ yrs. of legal experience.
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