Legal Question in Intellectual Property in Minnesota
About 5 years ago, I sat down with my business partners to talk with two business partners that had their business for sale. After signing the non diclosure agreements and submitting our intent to purchase their business, we finally met them face to face.
Through our 30 minute discussions, my ideas were laid out on the table as to how I was going to turn around the business after we purchased the struggling business. Well, one of my business partners pulled out so the deal fell through and we ended up not purchasing the business. Speed up to 2009. I find out that one of the business sellers owner which we sat down with opened a business with the exact model and idea that I had laid out in privacy.
Is there any type of violation here? Do I have a case?
2 Answers from Attorneys
Did you have them sign a NDA or Confidentiality Agreement?
If not there may be other bases to assert your rights but we would need to discuss.
Call or email for free consult.
As a Franchise Attorney I think the other attorney missed your statement that non disclosure agreements were signed. The answer, however, depends on the specific provisions of the non disclosure agreement. Without reading this and considering it against the backdrop of what's happened, it is not possible to even begin formulating an answer. 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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