Legal Question in Business Law in Colorado
enforcement of sale contract
I have been 50% partner in Inc. for 10 years. I'm selling my share to partner. Although she wants to buy, she is not willing to take any financial risk to acquire. Discussing my financing this agreement over 5 years but she refuses to sign personal guaranty. How enforceable is agreement of sale and promisory note if she defaults?
Asked on 2/07/08, 5:37 pm
1 Answer from Attorneys
Robert Murillo
Pivotal Legal Ltd.
Re: enforcement of sale contract
This is a concern. The agreement should be secured if possible by assets in the company or other assets. Also, a personal guarantee is a good idea, but it is unlikely that they will sign.
Any good agreement is enforceable. The issue is not enforcement, it is collection. I hope you are using an attorney for your sake. Good luck.
Answered on 2/07/08, 10:03 pm
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