Legal Question in Business Law in Florida

A buyer enters into a contract to purchase a business for over 1 million dollars. The contract states the buyer must pay the first half (which she did) and become 50% partner for the first year and half while in the transition phase. At the end of the year and a half the buyer should pay the second half to obtain the full ownership of the practice. The contract states that if the buyer is not financed for the second half the seller will carry notes. The buyer was not finianced for the full amount so now the seller has to carry the notes, which he is not happy about. The seller also tried at one point to have the buyer breach the contract by selling her half back to the seller. This didn't happen. Now the buyer is ready to obtain 100% of the practice and pay the sellers notes and is asking the seller to leave. the seller does not want to leave and wants to stay and work in the business and if the buyer does not want to let him stay he wants to take her to court. So after all this my question is what happens now will the ruling be in favor of the buyer who went 100% by the contract or the seller who made many many mistakes by not following the rules. there is even thoughts the seller was not using business funds properly. (there is evidence) What is the next step that should be taken by the buyer. There is a date in the contract for January 1, 2010, does the seller have to leave by then if he wants to take it to court? I thank you for your time.

Asked on 11/02/09, 8:25 pm

Alan Wagner Wagner, McLaughlin & Whittemore P.A.

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What you can and cannot do depends on your contract.

Answered on 11/08/09, 12:15 am

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