Legal Question in Business Law in New York
opinion of counsel. When is it used and who does it protect in a sale of business transaction?
Asked on 12/09/10, 9:21 am
1 Answer from Attorneys
Kevin B. Murphy
Franchise Foundations, APC
As a Franchise Attorney I can tell you this. Opinions of counsel that appear in a contract of sale for a business typically relate to pending or threatened litigation. They are not designed to protect either party, but to make disclosures so the seller meets its warranty to disclose pending or threatened litigation, and the buyer is informed and can proceed accordingly. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
Answered on 12/14/10, 4:44 pm
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