Legal Question in Business Law in Illinois
I bought a restaurant on contract for deed. Not making money and cant sell it. How do I give it back
Asked on 9/10/13, 7:05 am
1 Answer from Attorneys
Have an attorney review the contract you signed. If you don't pay you will most likely be in breach of contract, which the sellers can forfeit against you AND if they resell it for less they MAY have the right to sue you for the difference.... You can't just "give it back" without potential consequences that should be covered in the contract's default/termination and related provisions.
Answered on 9/13/13, 2:14 pm
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