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A broker bought 100 shares of stock under my name and then

sent me the contract....
A broker bought 100 shares of stock under my name and then sent me the contract. I do not like the contract and refuse to pay for the purchase. Is this legal for me to not pay and sign.
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Answered in 1 minute by:
4/3/2013
MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25,285
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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Thank you for the post, I am happy to assist you by answering your questions. Did you verbally authorize the broker to purchase the shares on your behalf?
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Customer reply replied 4 years ago

Yes but I thought i could say yes or no after reviewing the contract.

Unfortunately you legally bound to the verbal authorization for the purchase of the shares, but you do not have to enter into a broker-client relationship with this broker beyond this sale and are free to sell the shares at your earliest election to do so. You are partially correct in that you could say yes or no after reviewing the contract, but as to those actions taken prior to your receipt of the contract and with your approval, you are bound by those actions. I know this may not be the answer you wanted, but I owe you a duty to be honest with you. Please let me know if this does not answer your questions or if you have any follow up questions. If I have answered your questions, please positively rate my answers.
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Customer reply replied 4 years ago

Thank you for your response. So even though he implied that I could continue on with the firm after reviewing their paper work, I still need to sen him a check. We did not discuss other charges that would be added to the stock price and this is what I find difficult to accept. So they have an account set up for me and say I have to sign the paperwork but if I do, I lose all .my rights.

You would need to send a check for the sum that was agreed upon per your call, if they are adding fees that were never agreed upon you are not legally obligated to pay those fees. Is the paperwork they are requiring you to sign a waiver and release agreement or cancellation agreement? What rights are you referring to specifically?
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Customer reply replied 4 years ago

The paperwork is the Customer Agreemement with all the terms, fees and arbitration. Final sentence is "By my signiture on the account application, I acknowledge that I have received, read, and understand and agree to the terms.....and the agreemeent contains a predispute arbitration clause. The broker is in New York an I am in Florida if that helps.

When you said you lose all your rights, what rights were you referring to? The right to litigate?
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Customer reply replied 4 years ago

Not being an attorney, I just don't understand alot of the clauses but it is written in their favor such as if they feel like it an I can't or dont respond then they can sell .... and charge me their commision and other fees they seem reasonable. Items like that make me feel they have all the power and I will have very limited power. I know I can litigate but do not want to have to be there. The paperwork said settlement is "three business days from the trade date" which has come and gone. I assume that since they did not get my check then they woulld have cancelled my account. Since I did not sign their contract, I have npt yet agreed to their terms which were not relayed on the phone.

Thank you for the additional information, I now understand your position. At this juncture, you should not sign the contract, as there may be perils within it that you may not be able to identify. Rather than sign the contract, you should send notice of intent not to continue the business relationship, and request an accounting of what they claim is owed from the one transaction they have executed on your behalf and to which you agreed to be liable for. Also, if you are still in the market for a broker, you should consider having an attorney read through the broker agreement on your behalf to break down the language, it is often convoluted and confusing. I want to make sure your questions are answered. Please let me know if this does not answer your questions or if you have any follow up questions. If I have answered your questions please positively rate my answers.
MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25,285
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
Verified
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MShore Law
MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25,285
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Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

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