If I recently purchased a business but never signed the purchase agreement, can I void the sale?

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If I recently purchased a business but never signed the purchase agreement, can I void the sale?

I bought a business 10 days ago. However, I do not feel the terms of the contract, specifically running the business up to the sale as expected and training, have not been met. The owner who was supposed to be training me has “left town on family business” without even telling me. Also, I never actually signed the purchase agreement. Can I get out of this and get my money back?

Asked on May 9, 2011 under Business Law, Florida

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you gave money and did not sign the purchase agreement and that person has not met his or her end of the bargain, it is arguable that your contract is voidable. If you haven't re-registered the business in your name and the person really didn't do what was required under the contract, then you can consider it possibly an anticipatory breach and inform the person by certified mail that you want your money back since the other breached the agreement by failing to train and running the business up to the sale point. If the person refuses to give your money back, get thee to court immediately.


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