Legal Question in Business Law in Florida

Refund of Inital Deposit on Purchase Agreement
My wife and I entered into a purchase agreement as Licensee's) of a business that involved a $30,000 initial deposit. The remainder was to be paid upon due diligence of financing. We were not able to qualify for the remainder of the financing and thus complete the business transaction. We are now trying to get our initial deposit back, but the company we signed the agreement with does not want to return our initial deposit. The agreement mentioned no loss of deposit anywhere. We feel we tried every avenue to obtain financing and notified the company of the same. Are we entitled to a refund of the deposit?

Asked on 9/26/05, 1:10 pm

David Slater David P. Slater, Esq.

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Re: Refund of Inital Deposit on Purchase Agreement

The agreement would have to be read before an intelligent answer can be given.

Answered on 9/26/05, 5:57 pm

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