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David L
David L, Attorney
Category: Legal
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Experience:  Corporate, Real Estate, Estate Planning, Probate and General Litigation attorney 14+ years
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I have a contract with a person to sell my business to them

Resolved Question:

I have a contract with a person to sell my business to them .We set a closing date for them to pay me. Now they don't want the business because it is to much work. Is the contract still enforceable?
Submitted: 5 years ago.
Category: Legal
Expert:  David L replied 5 years ago.
Hello. The contract is enforceable. Once an agreement is signed, the parties can't generally change their minds - that's the point of having a written agreement. However, when one party breaches the agreement, the remedies available to the other party should be specified within the written terms of the agreement. Thus, the first place for you to start would be within the provisions of your agreement. There should be (hopefully) a section dealing with defaults. You need to know what happens in the event of a default. Most times, the contract will tell you what remedies you have when the other party to your agreement defaults. Usually, you will either be able to keep any deposit given as monetary damage and/or you may be able to sue for specific performance, which would compel the buyer to close on the transaction and go through with the purchase of your business.
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