Legal Question in Business Law in Indiana

I was in negotiations with three other individuals to purchase a prominent medical office. There was a verbal agreement with the four of us and the owner for purchase. While finishing negotiations, before a written contract, the other three individuals decided to cut me out of the purchase. The owner then offered a new, reduced, price for the remaining three to proceed. Since there was not a written contract is a verbal contract legal in Indiana? Did the three partners or the owner have a legal right to change a verbal contract without consulting me in the process?


Asked on 7/30/13, 4:47 pm

1 Answer from Attorneys
Kenneth Wilk Rubino Ruman Crosmer & Polen

Negotiations are generally not binding. It is the final written contract which governs and supercedes any discussions and verbal understandings. This is true not only of the agreement between the owner and the purchasers but the agreement between the purchasers as well.

If you had entered into a written agreement with your partners, you would be in better standing.

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Answered on 8/01/13, 5:59 pm


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