How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask William B. Esq. Your Own Question

William B. Esq.
William B. Esq., Attorney
Category: Legal
Satisfied Customers: 3252
Experience:  Civil litigation attorney for individuals and businesses.
71563194
Type Your Legal Question Here...
William B. Esq. is online now
A new question is answered every 9 seconds

I bought a laundry mat from a broker that was representing

Resolved Question:

I bought a laundry mat from a broker that was representing both parties and has excellent standings in the laundry mat business community, after only two weeks of owning the business I am finding the gross incoming revinue is considerably less than what was on the listing sheet, also the listing sheet shows a payroll expence that is $1000.00 lower than the current employees were making, the seller also did show the correct amount for the equipment taxes.
Submitted: 1 year ago.
Category: Legal
Expert:  William B. Esq. replied 1 year ago.

William B. Esq. :

Dear Customer, thank you for using our service. My name is XXXXX XXXXX I would like to assist you today.

William B. Esq. :

I am sorry to learn about this situation. To better understand your question, did the seller misrepresent the information to the broker, or did the broker misrepresent the information to you? (Or do you know?)

William B. Esq. :

If it was the broker that made a material misrepresentation, you would have potential claims of (1) fraud; and (2) breach of fiduciary duty. These are both money damages claims where you could sue for the reduced value of the business in the condition that it actually is in, as compared to the value it was represented to be.

William B. Esq. :

If the seller made a misrepresentation (either to you directly, or by making a misrepresentation to the broker who unwittingly passed it on to you), that would also be the basis for a fraud claim, but unlike the claim against the broker where your damages are limited to money damages, it is possible in these situations to void a contract based on a fraudulent misstatement (this is termed "fraud in the inducement") and you can get your money back and force them to take back their business minus business losses you incurred.

William B. Esq. :

The broker may also be liable for negligence if they breached their duty in investigating the information for you (this is fact specific, but if they completely failed to look at the books, that may be the basis for a negligence claim).

Customer:

this is great news, also the seller is carrying a part of purchase

William B. Esq. :

The way in which the contract itself is structured will not change your legal rights with regard to the concealment issue. What it may change is your ability to renegotiate this matter. The important issue to prove a case of fraud is: (1) the defendant made a material misrepresentation; (2) the plaintiff reasonably relied on the misrepresentation; and (3) the plaintiff suffered damages.

Customer:

got it thank you

William B. Esq. :

If you can show those 3 factors, you can create a viable claim for fraud (either as an independent tort, or as a grounds to void a contract in this situation). Fraud is an intentional tort, meaning that the defendant is not only liable for the cost of the damages, but can also be held liable for punitive damages.

William B. Esq. :

I hope the above is helpful, if you have any questions please do not hesitate to let me know and I will follow up quickly.


Thank you for using our service, please do not forget to rate my answer when you are satisfied. I am going to transfer our conversation to the "Q&A" format to ensure you can review the entire response and that I can follow up to any questions you may have quickly. I do wish you the best of luck in this matter.

William B. Esq., Attorney
Category: Legal
Satisfied Customers: 3252
Experience: Civil litigation attorney for individuals and businesses.
William B. Esq. and 6 other Legal Specialists are ready to help you
Expert:  William B. Esq. replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
< Last | Next >
  • Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises! Gary B. Edmond, OK
  • My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer. Eric Redwood City, CA
  • I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight. Michael Wichita, KS
  • PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent. Three H. Houston, TX
  • Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!! Elaine Atlanta, GA
  • It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem. Tony Apopka, FL
  • Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it. Lee Michigan
 
 
 

Meet The Experts:

 
 
 
  • Tina

    Lawyer

    Satisfied Customers:

    8436
    JD, BBA Over 25 years legal and business experience.
< Last | Next >
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8436
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/RA/ratioscripta/2012-6-13_2955_foto3.64x64.jpg Ely's Avatar

    Ely

    Counselor at Law

    Satisfied Customers:

    19941
    Private practice with focus on family, criminal, PI, consumer protection, and business consultation.
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Attorney

    Satisfied Customers:

    8189
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/jespoag/2008-12-17_222355_jessepic.jpg JPEsq's Avatar

    JPEsq

    Attorney

    Satisfied Customers:

    2132
    Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor
  • http://ww2.justanswer.com/uploads/gsenmartin/2008-04-22_214950_me1.jpg Guillermo J. Senmartin, Esq.'s Avatar

    Guillermo J. Senmartin, Esq.

    Attorney

    Satisfied Customers:

    110
    7+ years of experience handling various legal matters.
  • http://ww2.justanswer.com/uploads/PA/PaulmoJD/2013-10-10_195858_JAImage.64x64.jpg Law Educator, Esq.'s Avatar

    Law Educator, Esq.

    Attorney

    Satisfied Customers:

    31621
    JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
  • http://ww2.justanswer.com/uploads/dkaplun/2009-05-17_173121_headshot_1_2.jpg Dimitry K., Esq.'s Avatar

    Dimitry K., Esq.

    Attorney

    Satisfied Customers:

    15975
    Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
 
 
 

Related Legal Questions