Legal Question in Business Law in Minnesota
The CEO of a company engaged me and my company to enter into a partnership. I have many verbal and written email commitments from him, and the other officers outlining what the terms and execution dates should be. In addition the CFO provided me with a projected valuation and revenues of my company would be if I agreed to the partnership. I was given permission by the CEO to tell my customers that I had this partnership. My clients have pulled out of some deals because this partnership has not materialized. The CEO is dodging me now. Can I sue? What are my rights? Thanks you.
1 Answer from Attorneys
Perhaps. You may, however, have problems since no agreements were executed, and you are merely relying on broken promises. (It appears that you were still in the negotiation phase.) Your damages may be hard to prove too. You stated, 'my clients have pulled out of deals because this partnership never materialized." If the clients would not have gotten into the deals in the first place without the proposed partnership you really did not lose anything. Much more information is needed to properly evaluate your situation.
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