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I signed a contract manager lease agreement with a 3 year purchase…

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I signed a contract manager...
I signed a contract manager lease agreement with a 3 year purchase option on a restaurant. We agreed to $6000 deposit up front and $6000 deposit in 2 months, which would be applied to purchase if I decided to buy the store.

The restaurant is not performing to the level of sales which was represented to me. I am out my deposit money and ruining my credit, unable to pay my personal bills, not making enough money from the restaurant to pay myself a salary and still working my original career. Can I walk away from this? I have been in the contract for not quite a month.
Submitted: 8 years ago.Category: Legal
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Answered in 39 minutes by:
6/17/2010
Lawyer: Richard, Attorney replied 8 years ago
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 57,219
Experience: Attorney with 29 years of experience.
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Good morning. What your obligations are depend entirely upon your lease agreement. If your lease agreement does not give you the option to opt out early, if you walk out and default, you would be liable to the other party; but, having said that, if you really have no assets, he is unlikely to pursue a judgment that is uncollectible. You would be far better off to walk this transaction and take that risk, then staying with the transaction and defaulting on all your other bills. A defense to being liable, should the other party not simply let you out of the obligation, would be to take the position that the restaurant's operations were misrepresented to you, and had you known the accurate numbers, you would not have entered into the transaction.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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