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i have a business contract dispute

Customer Question
i have a business contract dispute
Submitted: 6 years ago.Category: Business Law
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Answered in 5 minutes by:
8/4/2011
Business Lawyer: Alex Esquire, Attorney replied 6 years ago
Alex Esquire
Alex Esquire, Attorney
Category: Business Law
Satisfied Customers: 16,742
Experience: Experienced Licensed Attorney
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Hello. My name is XXXXX XXXXX I will be happy to answer your question.

Can you please provide me with more details about your situation and also your question?
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Customer reply replied 6 years ago
thanks, alex,

On July 12, John and I entered an agreement (signed that date) that I sell a store to him for certain amount of money. But closing date was not written on the contract. John paid me $10,000 deposit on July 13, and we have verbal agreement that he will sign lease with landlord on July 26, and pay rent on Aug 1 and the store is his from Aug 1 on.
Business Lawyer: Alex Esquire, Attorney replied 6 years ago
What is the current dispute?

And what is your specific question?
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Customer reply replied 6 years ago

On July 26, however, XXXXX XXXXXed his mind, he told me and landlord that he does not want the business and refused to sign the lease with landlord. So landlord still keep lease with me.

Now I tried to enter a new agreement with John to cancel the contract, in return, I will give back $10,000 to him. I send a letter to him for this cancellition, and set a deadline for this offer on Aug. 8. John orally agreed the settlement, but with some twist, he claims that I took his camera (which is a lie, also is nothing to do with the contract), and demand the return of the camera.

My question is what i do next?

Business Lawyer: Alex Esquire, Attorney replied 6 years ago
What does your written contract for sale of business state?
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Customer reply replied 6 years ago
it says we agree to sell the business to him for certain amount of money.
Business Lawyer: Alex Esquire, Attorney replied 6 years ago
Doed it address the issue of the deposit?
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Customer reply replied 6 years ago
no, the contract does not address the deposite, there is no written provision about penalty of breaching the contract.
Business Lawyer: Alex Esquire, Attorney replied 6 years ago
Can you tell me more details about this buyer's claim regarding the camera?
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Customer reply replied 6 years ago
he just says we took her camera, which is a lie, he can make up anything, today say camera, tomorrow may say computer. and the fact is we don't have his camera, we want to settle this ASAP, not it's not in our interest not giving the camera back if we have it. So it's why i think he is playing game.
Business Lawyer: Alex Esquire, Attorney replied 6 years ago
The contract that does not specify a closing date is generally to vague and thus would be voidable.

I would still suggest that you do get a valid document in writing from the buyer that would state that he is agreeing to void the contract.

Generally until a parties agree for the contract to be voided or a party agrees to release the other party from the contract and/or the contract is declared void by the court, there is no obligation to return a deposit.

If you are satisfied with my answer, I would appreciate if you would click on the accept button.
Please keep in mind if you already made a deposit or on a monthly subscription plan you will not incur any additional charges, but I will only be compensated for my time and effort only if you click on ACCEPT.

Bonus and positive feedback are always greatly appreciated!
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Customer reply replied 6 years ago
i can return the deposit to him, no problem for me, the problem is that he don't want to sign the agreement to cancle the contract. Under such situation, what obligation i have?
can i sell the business to others now? how long i should wait to sell to others? Am i obligated to ask him if he still want to store before i sell to others?
Business Lawyer: Alex Esquire, Attorney replied 6 years ago
I would suggest that you consult with a local real estate attorney who can actually review this contract and if that attorney determines that it is not enforceable as it stands, the attorney would be able to either advise you to go ahead and sell the business to another buyer or your local real estate attorney might wright a letter to the buyer demanding for a closing date to be set and/or to inform the buyer that if he either fails to set a closing date and close on this transaction or rescind this contract in writing, the buyer would lose his deposit and would be declared to be in breach of the contract.

If you are satisfied with my answer, I would appreciate if you would click on the accept button.
Please keep in mind if you already made a deposit or on a monthly subscription plan you will not incur any additional charges, but I will only be compensated for my time and effort only if you click on ACCEPT.

Bonus and positive feedback are always greatly appreciated!
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Customer reply replied 6 years ago
sorry, this is not about real estate, it is a sale of business (a store), we rent the place to do business, but the other party now don't want to sign the lease with landlord. So we now want to cancle the contract with him, but he is playing game not to sign the paper for cancellation. What should i do?
Business Lawyer: Alex Esquire, Attorney replied 6 years ago
A local real estate/business attorney can handle this type of dispute.

Real Estate Attorneys are often involved in transactions involving sale of business, because of the lease involved and other issues, but you can also contact a local business law attorney.


We are not permitted to make any direct referrals to any specific attorney or a law firm.

You can use these well trusted and respected attorney information/referral websites which can help you find an attorney in your geographical area and in the are of expertise that you require:

www.martindale.com
www.justia.com
www.lawyers.com
www.lexmundi.com

If you are satisfied with my answer, I would appreciate if you would click on the accept button.
Please keep in mind if you already made a deposit or on a monthly subscription plan you will not incur any additional charges, but I will only be compensated for my time and effort only if you click on ACCEPT.

Bonus and positive feedback are always greatly appreciated!
Alex Esquire
Alex Esquire, Attorney
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