A going concern that has a 20k debt.
My daughter has signed a contract to take on a going concern business. She paid a non refundable deposit of 10k. The seller and my daughter have not used solicitors to save on expense. Can my daughter walk away from this at this stage?
Hi Coral Bird,
Your daughter can walk away at this stage from the deal, however she will need to forfeit her deposit.
The only exception to this would be if she is underage, in which case she cannot legally enter into a contract.
However, I recommend consulting with a lawyer who will be able to better advise you on the details of this matter.
Hope everything goes well,
Was the contract notarized? Who drew up the contract? If she walks away now she will probably forfeit anything that she has already paid into it as well as anything promised within the contract if there is a portion that discusses what happens should the contract be broken.
I would consult with a business attorney and provide any emails, or anything else in writing you have.