If I write a contract
on the back of a check, and print "Seller" where the Endorsement section it, is that legally binding? I want it to be binding for all business entities (C corp, LLC, S corp etc.). Here is the language that would be printed above where the seller signs:
This purchase agreement is entered into between [Seller full name and address], (the “Seller”), and [Buyer full name and address], (the “Buyer”). Seller desires to sell and Buyer desires to purchase all rights and interests in [Name of business entity, type of entity, and state entity number] (the “Entity”).
In consideration of the mutual promises, representations
, and covenants, the parties hereby agree as follows:
Consideration, Purchase, and Sale - Buyer agrees to purchase from Seller, and Seller agrees to sell to Buyer, all rights and interests in the Entity. In consideration thereof, Buyer agrees to pay Seller $125.00 (One Hundred Twenty Five and 00/100 dollars).
Closing - The closing and execution of the transactions contemplated by this agreement will be effectuated by endorsement and deposit of this check.
Indemnification – Seller will not be responsible for any further liabilities that may arise after the sale.
Representations and Warranties - Seller represents and warrants to Buyer that Seller has full power and authority to execute and deliver this Agreement and that this Agreement constitutes the valid and legally binding obligation of seller. Seller’s ownership
of the entity and/or its membership interests include but are not limited to all assets and interests in assets (tangible assets, intangible assets, unclaimed property/assets, prepaid liabilities, or other entity rights).