Results 1 to 2 of 2
  1. #1
    Join Date
    Oct 2006
    Posts
    1

    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
    Location
    Behind a Desk
    Posts
    98,846

    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.

    1. Sponsored Links
       

Similar Threads

  1. Non-Compete Agreements: Non Compete Contract After Sale of a Business
    By NCpeople in forum Employment and Labor
    Replies: 1
    Last Post: 03-18-2011, 10:14 PM
  2. Business Disputes: Invalid Contract Between Restaurant and Linen Company
    By edbay in forum Business Law
    Replies: 2
    Last Post: 04-03-2010, 06:29 PM
  3. Purchase Contracts: How to Cancel a Contract of Sale
    By stanger09 in forum Buying, Selling and Conveying Real Estate
    Replies: 2
    Last Post: 09-23-2009, 03:24 PM
  4. Business Disputes: Breach of Contract After Sale of Business
    By crunkel9 in forum Business Law
    Replies: 2
    Last Post: 07-07-2008, 06:03 AM
  5. Loan Agreements: Verbal Contract for Car Sale
    By gfunks912 in forum Debts and Collections
    Replies: 3
    Last Post: 02-25-2006, 08:21 AM
 
 
Sponsored Links

Legal Help, Information and Resources