Legal Question in Business Law in New Jersey
Business sale - offer agreement
I am trying to buy a business throught a business broker. The broker had another bidder who signed a offer agreement with the seller. Simple agreement that states the buyer had the right to pull out after books and records which stated the buyer had 7 days to complete. Also the buyer had 45 days to receive financing. Bottom line is the buyer never made any of the dates in the offer letter. the owner laywer sent the buyer a time of essence letter stateing the buyer needed to be at settlement on the orginla date in the oferr letter or the deal was off. Does the byer have any recourse?
Asked on 11/22/06, 12:46 pm
1 Answer from Attorneys
John Corbett
Corbett Law Firm LLC
Re: Business sale - offer agreement
It sounds as if the buyer's options are to settle on time or to pass on the deal.
Answered on 11/23/06, 1:40 am
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