Legal Question in Business Law in Tennessee

I am currently in the process of purchasing a Company (it is an S-Corp) from a friend. They have my payment and yesterday they signed resignation letter and a sale contract. However, the sale contract has a lower price (about 120,000 lower) than the purchase price I paid, stated within the body of the contract. It is highlighted in red as though for review, but it is still wrong. Would this be considered a binding agreement -- even if the price is incorrect? Should this be considered void?

Thank you for any help you can give me.


Asked on 6/25/18, 10:35 am

1 Answer from Attorneys
Frank Natoli Natoli-Legal, LLC

The documentation that underpins the transaction should have all the right amounts. If it does not, it needs to be addressed. You should inquire as to why the price is listed that much lower in the agreement. It would not void the contract as that would likely be seen as a clerical error.

If you need more clarification, I suggest that you consult with a lawyer in private and discuss your objectives in more detail. You can start by calling around to several for a free phone consultation, get some insights then pick the best fit to work with.

If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.

Our firm is now referred by the American Bar Association (see under the New York section): http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html

Kind regards,

Frank

www.LanternLegal.com

866-871-8655

[email protected]

DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.

Read more
Answered on 6/25/18, 10:41 am


Related Questions & Answers

More Business Law questions and answers in Tennessee