Legal Question in Business Law in Illinois
contract to sell business not being followed
Buyers of sole proprietorship decided after 2 years not to keep paying for the business. Said it was not a viable business anymore.
2 Answers from Attorneys
Re: contract to sell business not being followed
Since you did not ask a question, I will assume you want to know what to do. You will probably need to contact an attorney who will probably send them a demand letter and then sue them when they either fail to respond, or fail to pay.
Re: contract to sell business not being followed
Long distance transactions are so tough to enforce when one party breaches an agreement! Assuming that there was no agreement that the business must remain viable, you should be able to enforce the contract by suit if necessary. If you had a UCC filing for the inventory or equipment you can also force payment by enforcing your rights that way.
Good luck.
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