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.
You must be logged in to reply to this topic.
Not signed in?
Sign in to participate on our website!
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.