Breach of contract
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Breach of contract
I sold a business by contract. First payment was made on May 1st,2018 as per schedule. Today, I received via email that the purchaser of the business will not be continuing with the business. The buyers are offering me to retrieve the furnishings and the remaining inventory in exchange for holding them harmless.
My question …. is this an anticipatory breach of contract that I must act on immediately, or is the breach of contract effective when the next payment is due 5/21/2019?
Asked on May 21, 2018 under Business Law, Washington
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 3 years ago | Contributor
Based on what you write, this is an anticipatory breach: they have clearly signaled their intention to not perform under the contract. You could sue them to enforce the contract: i.e. for the payments you are to receive pursuant to the contract.
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