What are a purchaser’s rights if the purchase contract has been breached?
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What are a purchaser’s rights if the purchase contract has been breached?
Purchased drive-through coffee shop. Seller agreed to pave lot within 90 days since they rent us the building/land. This was agreed to in our purchase contract (pave lot by 08/09). I sent a letter expressing my concern that we are waiting to expand the business and would like to know their intentions. I offered to purchase the lot on assumption of their loan. They never responded. Since they breached the purchase contract, am I allowed to notify them that we are giving 30 days notice and moving the business (thus breaking the lease)? The pavement requirement was in the purchase of the business agreement not in the lease, but the seller is also the current landlord.
Asked on October 1, 2010 under Business Law, Idaho
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Contracts are enforceable, but the remedy is not always to rescind or terminate the contract (in this case, breaking the lease). Sometimes, the remedy is monetary damages; e.g. the cost for you to have the lot paved. What constitutes an effective or appropriate remedy depends on the exact langauge of the contract and the circumstances. You should bring the contract to an attorney with experience in sales of business and/or commercial real estate; he or she can read the contract, listen to your story, and advise you as to your likely remedies. If the seller breached, you should be able to get something; the main question may be what the most appropriate remedy is. Good luck.
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