Revoking a Contract for Sale of Shares

[scott85]

My question involves business law in the state of: MA

so i have a general p.o.a. over my father. at one point he wanted to sign over his shares to me. but he cant personally because he is suspended from the company and there's a no trespassing order on him for the building and a restraining order on the other shareholder. so the other 50% owner tells me the only way i can transfer the shares to myself is by having her buy them then i buy them off her...now she jumps all this info on me in one day. and she hands me a check for 10% of the 50%my father owns (that i still have not cashed) and we sign the 10% & a sales purchase agreement. now for the next week i'm calling her leaving messages saying i do not want to go through with the sale and would like to cancel everything. i get no reply and so the following monday i e-mail her and the other board members to inform them that i do not want this deal to go through. still she is refusing to converse with me & my father is now going to get his position back with the company.

does this whole thing i did mess everything up? i still have the check i have not deposited it and i was informing her to negate everything immediately that i did not want to sell because i seen it as not in my fathers best interest to do it that way and neither did he. because after this whole thing was done he said 'no. cancel the whole deal. she's trying to swindle you' and now i see she is.

is there anything i can do? do i have any rights to back out of the deal immediately after?

[Mr. Knowitall]

It sounds like you engaged in a foolish action that may have breached your fiduciary duties to your father. I cannot read the contract you created for this transaction, but if you in fact agreed to sell this person your father's shares for a small fraction of their value, with the rest of this roundabout deal absent from the contract, she may well be out to simply take the shares for that small price. Take your contract to a lawyer and have it reviewed.