Legal Question in Business Law in Michigan
Minor sell his software
A minor (age 17) sells his software business to another software business for $1.25 million,payments over a 5 year period. What clauses should appear in the contract?
Asked on 3/24/04, 11:42 am
1 Answer from Attorneys
Patricia Prince
Patricia Gormely Prince, P.C.
Re: Minor sell his software
The usual clauses for the sale of an intellectual property business should apply. The minor, however, should not only have his own attorney, but he might also need to have an individual appointed to act on his behalf because he is under the age of majority and, therefore, is not legally capable of contracting - something that might spook the buyer. If you are interested in pursuing this further, you may contact Pat Prince or Shaheen Imami at 248.865.8810.
Answered on 3/24/04, 12:08 pm
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