am I legally able to get a refund on my deposit on a small business once we have entered into a contract with a closing date but could not g...

Question

am I legally able to get a refund on my deposit on a small business once we have entered into a contract with a closing date but could not go through with it due to injury?

Answer

As a Franchise Attorney I can only say the following. It really depends on what the contract of sale provides. Unless it lists conditions precedent to closing (and it would be very unusual to list that all parties must be physically fit, etc.) then you are likely bound. Of course, you should consult with a good business or franchise attorney in your areato review your contract and for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

Answer

I agree. I also think it depends on the injury and the type of business that is to be purchased.

Mike.