Legal Question in Business Law in Illinois

does contract oblige me to stay in business?

Does my contract oblige me to stay in business?

Here's what happened:

I bought a service business for 100% of future revenues earned during the first 6 months of my ownership. I prepaid an estimated 50% for the list of clients. In the contract, we agreed that I would pay specified amounts at specified intervals. The final payment would be adjusted to tie out to 100% of revenues.

Now I've found out that this was a bad business. Can I simply close the business today without an obligation to pay anymore? the business to date has done apprximately the amount of revenues that I already prepaid for. So we're actually even at this point.

I hope that I am not obligate to run the business (the contract does not say so). My concern is that I am on the hook for paying for revenues that potentially (and likely) may occur.

thank you


Asked on 2/04/08, 1:36 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: does contract oblige me to stay in business?

Unfortunately, the answer would depend on the exact language of your contract. I cannot imagine any attorney would hazard a guess without reviewing that document. Your best bet is to contact an attorney in your area to review the contract for you.

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Answered on 2/05/08, 3:43 pm


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