Legal Question in Business Law in California

business law

My husbund sold his business in aug. 2003 for 15,000.00 and was paid 5,000.00 on the spot. but has never got the rest. Has it been to long to sue for it? He does have this agreement in writing but no date of when the sum was to be paid by. Thanks


Asked on 6/09/08, 4:58 pm

4 Answers from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: business law

Too bad he waited until it was too late to sue.

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Answered on 6/09/08, 5:03 pm
Arkady Itkin Law Office of Arkady Itkin

Re: business law

Hello. Did your husband have a contract for sale of business?

When was he supposed to be paid the rest according to the agreement?

Let me know and I will follow up.

Thanks./

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Answered on 6/09/08, 5:24 pm
Robert F. Cohen Law Office of Robert F. Cohen

Re: business law

If the agreement was silent, perhaps the court would imply a reasonable time to make the remaining payment -- i.e. within one year. If so, the four year statute of limitation might still be running!

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Answered on 6/09/08, 5:39 pm
Terry A. Nelson Nelson & Lawless

Re: business law

You'll need to sue if not paid. Consider bringing it in Small Claims court with a limit of $7500 max. Or, hire an attorney to see if quick collection can be accomplished. Feel free to contact me if serious and the case is in SoCal courts.

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Answered on 6/09/08, 7:03 pm


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