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  1. #1
    Join Date
    Oct 2006

    Default Contract for Sale of a Restaurant

    I bought a restaurant and already gave the seller $70,000 deposit 2 month ago. After he got the deposit, the seller wrote a contract, which specifies essential terms such as the deposit, quantity, subject matter, price, but both of us havenít sign yet. After I gave him the deposit, I began to run the restaurant, just a few days ago, he told me that the price he asked is too low, and he wanted to raise the price otherwise he will sell to somebody else, as I know of, he is selling the restaurant by the broker, Another buyer is under agreement with him now. What should I do? Please help!

  2. #2
    Join Date
    Sep 2005
    Behind a Desk

    Default Re: Contract for sale of restaurant

    If you still want the restaurant, contact a lawyer about suing him to enforce your partially-performed contract. You've not done yourself any favors by proceeding with taking over management before you had a written contract, but your partial performance may nonetheless make it enforceable. If you no longer want the restaurant, and wish for more than the return of your deposit, you can consult a lawyer as to whether you can make a viable claim for damages for the breach of contract. I suggest moving quickly as (a) if you wish to keep the restaurant its sale to another may prevent that outcome, and (b) if you wish to recover damages the other buyer's payment of the purchase price may be your best source for recovery of your damages.

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