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Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Consumer Protection Law
Satisfied Customers: 16475
Experience:  Experienced Licensed Attorney
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I own an insurance agency and listed it. I received an offer

Customer Question

I own an insurance agency and listed it for sale. I received an offer and accepted it , all over an email. No papers have yet to be signed. Does the email constitute a binding contract?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Alex J. Esq. replied 1 year ago.

Hello. My name is***** will be happy to answer your question.
I am sorry to hear about this unfortunate situation.

Did you and the buyer sign a written agreement for the sale of the business?

Customer: replied 1 year ago.
No. She made an offer to me last Friday via email. once she offered what I was looking for, price wise, I then simply accepted her price via the same email. Nothing has happened since. No contract, nothing.
Expert:  Alex J. Esq. replied 1 year ago.

Thank you for your follow up.

Unfortunately, due to statute of fraud, any contract for a sale of business would have to be in written form and signed by both parties, in order to be legally binding.

I am very sorry to provide you with this bad news, but please understand that I do have professional obligation to provide JustAnswer.com customers with correct answers, even when answer is not favorable to the customer.

I wish you the best of luck and God bless you!

Customer: replied 1 year ago.
Not bad news. I'm the seller and want out of the deal. So if I read you correctly, I'm good here, no?
Expert:  Alex J. Esq. replied 1 year ago.

Thank you for your follow up.

While I cannot comment on your specific case, generally, any contract for sale of business has to be in writing and signed by both buyer and seller in order to be legally binding.

I wish you the best of luck!

Expert:  Alex J. Esq. replied 1 year ago.

Please let me know if you have any related follow up questions?
If not, please positively rate and accept my answer, so I can be compensated for my work.
Thank you.

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