Legal Question in Business Law in California

Your options are to sit and wait, or to file a lawsuit if you have evidence of a contract and breach. Keep in mind there are statutes of limitations on such matters. 4 years for written agreements, 2 years for oral agreements. If serious about taking action, feel free to contact me.

I think you need to contact a local attorney to review your written agreement and discuss your options.

Given the amount involved a lawsuit is likely necessary.

Let me know if you would like to discuss this matter.

Caleb

[email protected]

I doubt there is anything a "standby agreement" could contain that would justify, or be a defense to, completing a series of contracted-for payments on a sale of a business. If you can send me copies of the sale contract and the standby agreement, I'd be delighted to give you a free evaluation of the buyers' liability and any possible defenses they might raise to a suit to compel payment.

As a Franchise Attorney I agree with the other attorneys. Without evaluating the documents, there's no way to give you advice. Hopefully you had an attorney draw up these documents initially, so you will be on solid ground moving forward. 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