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My business bought an business in 2007. The sale was for $450,000. (BELOW)

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My business bought an business...
My business bought an business in 2007. The sale was for $450,000.

(BELOW) is a copy and paste from the original contract:

2. Purchase Price; Method of Payment. The purchase price (“Purchase Price”) payable to Seller for the Purchased Assets shall be Four Hundred Fifty Thousand Dollars ($450,000.00), the payment of which shall be made to seller. The Purchase Price shall be payable in monthly installments equal to two percent (2%) of monthly billed earnings of the business. Such monthly payments shall be due thirty (30) days after the end of the month during which such monthly billings occur. Seller or its designated agent may inspect all financial books and records of the Business during ordinary business hours, upon forty-eight (48) hours advanced written notice to verify the billings of the Business until such time as the Purchase Price is paid.

After a few months I closed the business.. Now they are saying 5 years later that I owe the Money. the payments were to be 2% sales. The company is closed do I still owe the Money?
Submitted: 5 years ago.Category: Bankruptcy Law
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4/5/2012
Bankruptcy Lawyer: cortrightlaw, Attorney replied 5 years ago
cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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cortrightlaw : I would read the portion of the contract you have provided to mean that you still owe the money based upon the contract. If you read the first sentence it says what the purchase price is. The next section shows how it will be paid but does not exclude you from having to pay if you close the business. A better approach would be to check your states statute of limitations for breach of contract, and if the time you defaulted on the contract till the present is longer then the statute of limitations I would be a defense to their claim
cortrightlaw : Another alternative would be to consider bankruptcy
Customer:

how can I find out about the statute of limitation for Florida

Customer:

says contacts 5 years - It was May 27, 2007

cortrightlaw : Let me look it up real quick
Customer:

And what If I never signed it or they can't produce a signed copy

cortrightlaw : The statute of limitations in Florida appears to be 5 years so if it is 5 years since you stopped paying on the contract.
cortrightlaw : Meaning that they have to file a lawsuit within that 5 years or they are barred from filing.
Customer:

5 years to file

cortrightlaw : Yes 5 years from the date of the default to file a lawsuit
cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience: Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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Category: Bankruptcy Law
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