Legal Question in Business Law in New York

buying a business

i gave a downpayment of 200,000 to buy a gas station. we sat down wrote out the term and all parties signed. We agreed to give the signed paper to our attorney to write everything up legally. Now he is dragging it out. He says he doesn't have my money because intstead of depositing it to an escrow account he cashed it. Does him cashing the check bind the contract that we wrote up and signed even though it wasn't written by lawyer.


Asked on 10/31/07, 12:36 am

4 Answers from Attorneys
Scott Levinson Korybski & Levinson

Re: buying a business

A contract does not need to be drafted by a lawyer to be binding. But now that the other party has apparently taken your money, you should immediately contact an attorney to either get your money back or to push this deal through. We handle commercial transactions and litigation and I would be happy to speak with you to discuss this further. Please feel free to contact my office as soon as possible to discuss your options in greater detail and see how we can help.

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Answered on 10/31/07, 7:03 am
NEAL SPECTOR, ESQ. NEAL S. SPECTOR, P.C.

Re: buying a business

To me, there are also overtones of criminal activity involved. I can explain further if you contact my office. It may help to get you results. [email protected]

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Answered on 12/08/07, 1:23 pm
Kristen Browde Browde Law, P.C.

Re: buying a business

It's not clear from your question who cashed the check - if it is your attorney, you have a serious problem (and so does the attorney).

If, as seems more likely, it is the other party who cashed the check, he has accepted payment, and yes, he is bound by the terms of the contract. If you need help in finalizing this transaction, please get in touch.

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Answered on 10/31/07, 9:45 am
Mark S. Moroknek Kelly & Curtis, PLLC.

Re: buying a business

The contract is the binding instrument: what you did here is pay him before you had a formal agreement. That is like closing the barn doors after the horses have escaped. You will be lucky to get the money back, if the contract doesn't close. Retain an attorney immediately.

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Answered on 10/31/07, 10:31 am


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