Legal Question in Business Law in Illinois
I have signed and submitted a franchise agreement along with the franchise fee. I have not signed and submitted the FDD receipt. Can I cancel/renege on the agreement and get my franchise fee back?
1 Answer from Attorneys
As a franchise attorney I can tell you this. If you were provided with the FDD by the franchise company and just never got around to signing the FDD receipt page, this is a minor technicality not will not give grounds to cancel or rescind the franchise agreement. The time to do your due diligence on the franchise investment by showing everything to a franchise attorney was before you signed and paid. I bet you didn't show it to any attorney, let alone a franchise attorney, trying to save some money, and look where you're at now. A case of buyers remorse doesn't work in franchising after you've signed and paid. 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 Attorney
Franchise Foundations APC
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