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i sold a business last year i got half down and he was to pay the other 100000 on the 14th of September he has yet to comply when is he in default and when can i take back my business there are no terms for default
State/Country relating to Question: Florida Already Tried: davie florida nothing just waiting
He is already in default, unless your agreement stated otherwise. But if you just had a barebones purchase agreement, you might not be able to just take back your business. Did the agreement spell out what would happen to the deposit? Are there any provisions at all that spell out damages? You would have to file a lawsuit for breach of contract, wherein you can ask for return of the business, and/or try to force payment of the $100k. The hitch is that you cannot just keep the deposit AND take your business back. Any money you keep has to be realted to some actual expense you have suffered. So how long ago was the deposit made? Was there revenue you could have earned since the time of the deposit?
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