Legal Question in Business Law in New York

You’re asking why he’s going after you, and you also said he’s claiming you provided misleading information when you sold him the business. So what is it that you want? Generalized advice is to try to come to a compromise with the guy before he hires a lawyer and sues you.

I disagree with my colleague and agree with your desire to find out as much information as possible and prepare in the event a legal action is brought.

The first step would be to examine the sale contract and see what representations were made by you. It may that no material representations were made and therefore any case brought against you would not be strong. Reviewing the contract will also shed light on the remedies and damages of breach that are prescribed in the contract, if at all. And it may well be the case that you would have a cause of action against the buyer as much as the buyer may have a cause of action against you!

The second step would be to plan for a possible action by reviewing the performance of the business you sold to date and gather info to be used in the event you are sued.

Contact me directly.

Looking forward

​Roman R. Fichman, Esq.

www.TheLegalists.com │ @TheLegalist

email: Info (@) TheLegalists (dot) com

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