Legal Question in Business Law in Texas

I had my business for sale and we had settled on a price and signed an agreement and after a couple weeks of delays and just days prior to closing he demanded a reduction in price or he was going to back out of the purchase.

I agreed to it because I was pressured into it. He attempted to get the SBA loan value readjusted but it caused major issues and it was going to further delay the sale of the business. He called me and said that he would be willing to keep the sale price the same but wanted the price reduction difference given to him after the sale was completed from the proceeds I would get from his SBA loan.

This is the agreement he had me sign.

This will serve as an agreement which recognizes that (seller) owes to (buyer) $25,000.00 (Twenty Five Thousand Dollars) upon the sale of (business name)to buyer on (date). (Seller) will provide (buyer) with a check in the amount of $25,000.00 on (date) made payable to ( buyer). This will consummate the sale of the business.

My two questions about this are as follows

1. Can this agreement be legally enforced.

2. If I do pay them him could I be charged with loan fraud.

Thanks

Seller


Asked on 7/17/15, 9:10 pm

1 Answer from Attorneys
Joseph A. McDermott, III Attorney at Law

1. Uncertain.

2. Almost certainly.

Read more
Answered on 7/18/15, 6:09 am


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