Legal Question in Business Law in Michigan

i am selling my business. the only written,signed, and notorized document we have between us as of know states that they agree to the price and i agree to sell. theres a clause that states "there are no debts that are affiliated with the business other than what they already know about" pretty much the only debt that they are taking over is what they were previously told about before the contract.there is nowhere in writing that states what bills/debts they were notified about and are including in their contract. so if there are other debts that they claim they were not aware of can they cancel the deal? or am i clear since they didnt include an itemized list of what they were already aware/not aware of. theres no proof of what they knew about previous to the deal. im not screwing them over with debt, they just got in over their heads and are blaming it on me


Asked on 11/16/10, 11:37 pm

2 Answers from Attorneys
Timothy Klisz Klisz Law Office, PLLC

Your question would best be answered by looking over the document and finding out the facts. I would be happy to advise you on this matter. Visit kliszlaw.com to get started. Tim Klisz

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Answered on 11/22/10, 5:16 am
Kevin B. Murphy Franchise Foundations, APC

As a franchise attorney I second what the other attorney advises. These types of contracts are not a do-it-yourself project. If not done right, you will give the buyer numerous ways to break the contract and recover money. 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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Answered on 11/22/10, 7:14 am


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