Legal Question in Business Law in Florida
Promissory Note
If a promissory note is signed and no money was exchanged, is it enforceable? A business was bought for an amount the bank offered, but the owner wanted more money and set up a promissory note for the difference however, no money was given to the buyer...please help.
1 Answer from Attorneys
Re: Promissory Note
A promissory note is by definition a promise to pay, so it is likely that it would be enforceable. There could be provisions in a purchase contract or the note itself which may void the promissory note in the event that the additional funding did not come through, or some other condition is not met.
More information is needed to fully advise you on your situation. You should consult with a business or contracts attorney and let them look at all of the documentation associated with the sale/proposed sale.
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