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Barrister
Barrister, Attorney
Category: Business Law
Satisfied Customers: 33769
Experience:  15 years practicing attorney, JD, BA, MBA
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im in california. I was forced to sign a buyout agreement

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i'm in california. I was forced to sign a buyout agreement "or else!". Now i regret doing it. What is my recourse? If any. I got half the value it was worth, but would have gotten more if allowed even a day to do the research.
Hello and welcome! My name is XXXXX XXXXX I will try my level best to help with your situation or get you to someone who can.
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Can you give me a few more details about the back story so I have a little better idea how this came to pass?
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How were you forced to sign the buyout agreement?
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Were you threatened with some type of physical violence if you didn't sign?
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What was the reason for the immediate need to complete the sale?
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Thanks
Barrister
Customer: replied 3 years ago.

No violence. It was "take this offer now, if not it will be worse if want to take it home to think about it."


I was the co-founder and President of a company for 7 years. My partner the CEO, had the GC, COO, and CFO all in a room with a document and a check. I took the deal but felt that i was under pressure to do so. Was going to wait to cash the check, but they took my name off the bank accounts which was where i held my money. I held out for 2 weeks and then finally cashed the check as i had to pay my bills. The buyout was a partial payment upfront and then monthly payments over 5 years. I even asked for time to allow for legal and tax advise regarding the structure of the buyout, but was denied. Being flustered and thinking this was a fair offer at the time, i took it.


Now i want to rescind the offer, payback what i got and renegotiate.


What are my rights?

No violence. It was "take this offer now, if not it will be worse if want to take it home to think about it."

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I hate to say it, but high pressure sales tactics are not illegal or prohibited. Unethical maybe, but not illegal. If that were the case all car salesmen would be out of business.

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Now, if you were threatened or physically forced to sign, the contract could be challenged on the basis of fraud or duress, but if the buyer convinced you that the offer would be worse later, and you felt it was fair at the time, then I don't see a legal recourse for you to challenge the deal now. "Seller's remorse" is not considered to be a legal defense that would allow you to avoid a contract even if you could have gotten a higher price later.

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers, even when an answer is not favorable to the customer.

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Thanks

Barrister

 

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