Legal Question in Business Law in Georgia

Asset Purchase agreement. I purchased a small businesses assets for $35K. Part of the purchase was equipment and the other part was the knowledge transfer for the use of the equipment. After the contract was signed, money exchanged...about 24 hours later I found out that their "experts" actually had no experience in using the equipment and that they would "figure it out". My decision to purchase was based on the fact I was told their staff would train me and knew what to do. The purchase would never had been made otherwise. I feel the seller misrepresented the opportunity and I do not feel this agreement should remain in place.

Can the contract be voided because of this misrepresentation? How hard would it be to prove?

Asked on 3/13/13, 5:00 pm

3 Answers from Attorneys

Glen Ashman Ashman Law Office
0 users found helpful
0 attorneys agreed

With a $35,000 contract at stake, you obviously knew to have counsel at the time. Call the lawyer you used then and ask. He'll know (and we have no way to know) since he has read teh terms, and those terms will dictate your answer.

Read more
3/13/13, 5:18 pm
Scott Riddle Law Office of Scott B. Riddle, LLC
0 users found helpful
0 attorneys agreed

We don't have the contract to see what was actually agreed to. You need to see a lawyer.

Read more
3/13/13, 5:42 pm
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys
0 users found helpful
0 attorneys agreed

Unlikely it would be voidable; much more likely that you may have a breach of contract claim against the seller. You will need a business attorney to review the agreement and discuss your options.

Read more
3/14/13, 8:29 am

Related Questions & Answers

More Business Law questions and answers in Georgia

Looking for something else?

Get Free Legal Advice

88222 active attorneys ready to answer your legal questions today.

Business Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Phillip D. Wheeler, Esq.Phillip D. Wheeler, Attorney At LawMorro Bay, CA
Terry A. NelsonNelson & LawlessRiverside, San Bernardino, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now