Legal Question in Business Law in Illinois
A former friend and I both signed a bill of sale for a pickup that she is buying from me. In the bill of sale there is no stipulation as to what determines if the contract is broken. Under what circumstances is the contract no longer valid? and if the contract is broken how does one go about re-posesing a automobile? or is it easier to take them to court?
2 Answers from Attorneys
It all depends on the terms of your contract.
As a Franchise Attorney I agree it depends on what is specified in the bill of sale. It also depends on the extent of deviation from performance reasonably expected under the circumstances. Unless repossession is called for in the bill of sale, with a security interest reserved by the seller, you can't repossess. You'd need to go to court, get a monetary judgment in your favor, then execute on the judgment. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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