Legal Question in Business Law in Virginia

Sellers back out of sale

We have been informed that a sale we believed was going through has been backed out of due to ''not wanting to make our father upset'' (who is not an owner any longer). We have invested capital into the tranisition due to the family spokes person comitting to ''no reason sale will not go through'', even the term sheet has gone to their attorney for the legal terminology etc being put into place. There is an agreed upon prices, all the financing terms and a closing date agreed upon. can we 1)force the sale to go through as planned or 2)recoup the expenses we have put out thus far? such as web page design, preparing transition announcements etc.

It is a time sensative business that needed to make a fast, seemless transition. The sellers had even provided us access to the facilty adn databases to prepare for ''day to annouonce'' Do we have any recourses??


Asked on 11/24/07, 5:33 pm

2 Answers from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Sellers back out of sale

Without reviewing the written contract to purchase this business(assuming that one exists)and the facts relatd to the aborted transaction, it is doubtful that your inquiry could be reliably answered.

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Answered on 11/24/07, 8:21 pm
Ruth Emily Kochard Ruth Emily Kochard, Counselor at Law

Re: Sellers back out of sale

It is unclear whether or not there was a written contract, but regardless of that fact, whether or not you would be entitled to recover for breach of contract (oral or written) would depend on the facts and any written contract. I would advise that you contact an attorney to at a minimum review your agreement and facts so that you can best determine what course to take with this problem.

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Answered on 11/24/07, 11:34 pm


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