Signed a Business Purchase contract
2 days later, I call up the Seller to inquire some things and he says that he has another buyer who is offering him better terms favorable to him.
He tells me that his attorney is saying that the contract that we signed is not a legal binding agreement. I explained him that it is but we can work things out if he is not happy with the deal (spent 1 1,dermatx.com/nfljerseys/Jerome+Murphy.html.5 hours on phone discussing details). I tell him to think about it and get back to me before 10AM today (as I have another business opportunity also available but I would prefer him) and explained him that our contact is a legal binding contract and there can be legal problems later on.
No call from the seller yet. I called him up at 11:45AM and left a message to call me back (he normally picks up the phone whenever I call). Called up again at 3:00PM and still doesn't picks up.
I talked with my attorney today and have faxed him the agreement and will get a response back from him tomorrow.
Right now, my options are as follows:
1) I can simply walk out.
2) I try to work things out with the seller and settle for a compromise.
3) I do as the Seller says (basically take a hit). (its like agreeing on a price and then seller wants more $$$$)
4) I enforce my rights and hold up the sale of the business for at least couple of years. (I know that the seller wants to get out of the business and I can hold it up so that he will not be able to sell it to anyone)
5) I take legal action and force the seller to sell the business to me at the price we agreed upon,cheap mlb jerseys youth at wholesale price.
Right now,contadorapanama.com/html/nbajerseys/Trevor+Ariza.html}, I am aiming for option 2) and trying to reach the Seller so that we can work things out and resolve the situation like gentlemen. But,nike nfl jerseys 2014 china, so far, as of today, all my efforts to reach him are in vain and I am probably going to take option 4) tomorrow after consulting with my attorney (you screw me, I screw you).1) Signed Business purchase agreement
2) Seller wants to back out demands different terms (telling me he has another buyer and tells me to beat that other buyer).
3) Want to resolve matter but seller not answering
4) I might go hard at the seller. If you go ahead and take Option 4, it will be a drain on your energy and finances to chase this through the courts. It sounds like you are in the right, but is it worth the hassle.
I would go with a strong push on Option 2, and then fall back to Option 1, as long as you didn't incur any legal or other costs in the initial purchase deal. My problem is that while working on this deal with this seller, I have lost out on another deal (I preferred this over the other and told the other seller2 that I have done a deal with this seller)
Option 4 is going to be very little expense for me. Basically, I(my attorney) just send our agreement and a letter to the Franchisor (the business is a franchise) and tell them that I have first rights on this store and they cannot transfer to store to any other buyer without my consent. Legal option is just going to be retaliation from my side towards the seller for wasting my time (in which I have lost another opportunity. My legal option would be basically delaying the sale of seller's business from which he wants to get out off (basically, you screwed me, now i am screwing you) In Short,cheap custom youth baskeball jerseys, I am so MAD at the seller for trying to play with me.
Talked with my attorney. Acc. to my attorney, we can enforce the contract and hold up the sale of the business for quite a while.
Also got a call from the Seller as follows:
The other buyer is offering him more $$$ (aka he wanted me to beat the other buyer). I told him that I have talked with my attorney and that he is requiring me to BID higher after we have signed an agreement. I did mention to him that I might take up the matter to court and the sale of his business can be held up for a quite a while (I know that the seller wants to sell the business before the middle of this year).
Then he was like we should get together and work things out. I told him that I am willing to work a compromise but if he wants me to BID up and beat the other buyer after we signed a contract, I am not going to do so. He kept mentioning that the contract that we signed is "not a legally binding contract" and I told him that would be upto court to decide if it is a binding or not. So apprently, immediately he wanted to meet and work things out.
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