Refund on sold business?
Does a buyer have any right to demand a refund on the business after all is said and done? It’s been a month out and everything was left in workable conditions even replacing some equipment and inspections were all passed on the seller’s side. The agreement only included payment terms and a list of inventory.
When it comes to a signed purchase agreement, it is typically not possible for the buyer to cancel the agreement, unless the seller explicitly allows a refund under certain conditions, as specified in the contract. Check out this article for specific state-by-state laws on purchase agreements and refunds.
While I’m not a legal professional, my understanding is that the buyer’s case will depend on the wording of the contract, and whether or not you delivered everything that was promised.
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315 Madison Avenue, 24th Floor
New York, NY 10017
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