Legal Question in Civil Litigation in California
Subject: Commerical Real Estate Contract Recission due to Undue Influence and/or Unconscionability?
I bought a business (and the associated Real Estate) from someone I trusted so explicitly that I wired him over $300,000 on a handshake. I thought, "No way could he possibly be anything but 100% transparent with me, this is someone twice my age, a mentor, whom I trust."
It turns out that he completely took advantage of me and sold me a lemon at horrible terms (adhesion?). I believe he misrepresented the business (not just its profitability but the ease of running it) and has me trapped since he holds the paper on the mortgage.
There is much more: I have typed up the story with all its sordid details and I will share it with any attorney who wants more information. I think I will probably have to sue (or threaten to sue) to avoid the contract: I want the seller to take his horrible business back since it is such a lemon I cannot even sell it for a fraction of what I paid for it. This is not a case of buyer's remorse; I think I've actually been "had".
Any direction is appreciated. I am actively searching to recruit an attorney to help me with this case (if we have one).
3 Answers from Attorneys
Did he represent the business as a viable concern? If he misrepresented facts, then also punitive damages are available. Contact me directly.
I handeled a case that sounds almost exactly like yours a couple of years ago and won a significant judgment for the buyer. Of course I cannot guarantee similar results, but I would be more than happy to look over your fact statement and give you my impressions of the merits of your case.
Obviously, you need to file suit and try to recover your money. If serious about doing so, feel free to contact me to discuss the facts and costs of doing so.
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