Legal Question in Business Law in Ohio

I sold my business to a person who put less than half down and agreed to pay monthly installments. The first payment was made 91 days past due. The second was made 96 days past due. The contract states that after 91 days past due, I gain an economic interest of ownership. I had a letter sent from the attorney stating that due to the default and breach of contract I would be taking the business back. Can I not go forward legally now because I accepted the balance of payment that was bringing it to the 96 days past due? Does that reset the clock and bring it to 66 days past due and no longer 96?


Asked on 4/29/12, 10:51 am

1 Answer from Attorneys
Daniel Myers Myers Law, LLC

This is a complicated issue. It will depend on a few things. First, what does the agreement specifically say about accepting late payments, waiving your rights, what your ownership interest is, whether you get that ownership interest automatically, etc. Because I don't know the specific language in your agreement, I can't help you about that right now over the internet.

It is possible for someone to waive a contract requirement by acting inconsistently with it. For example, it could be possible for someone to waive the payment time period requirements if they accept late payments. This depends on the specific facts, what happened, what was said, what the agreement says, and the timing of certain events. Unfortunately, without knowing more, I cannot actually give you advice on this issue. If you would like to discuss the issue more, feel free to email me at [email protected].

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Answered on 4/29/12, 11:46 am


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