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Richard, Attorney
Category: Business Law
Satisfied Customers: 55478
Experience:  32 years of experience practicing law and a businessman.
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Interested in dissolving a verbal project with a prospective

Customer Question

Customer: Interested in dissolving a verbal project with a prospective shareholder in a Sub-S company. We drafted a proposed agreement but it wasn't finalized.
JA: Thanks. Can you give me any more details about your issue?
Customer: We offered a potential 15% equity stake verbally. The person is a mechanical engr which worked on developing a potential product. He has proved very hard to work with and its not working out.
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $18) to post your type of question to Business Law Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit?
Customer: what are the legal ramifications of rescinding the offer ?
JA: OK. Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 1 year ago.
Category: Business Law
Expert:  Richard replied 1 year ago.

Good afternoon. My name is ***** ***** I look forward to helping you.

You're going to be able to terminate this arrangement with no recourse. In order to have a binding agreement, there must be a full accord and satisfaction on all the terms and conditions of the contractual arrangement. If you had a proposed agreement which was never finalized, it clearly indicates that there remained issues yet to be resolved between you. As a result, there would have been no full accord and satisfaction between you and thus no binding contractual arrangement. Therefore, you can terminate the prospective arrangement.

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