Legal Question in Business Law in Illinois

Re: business sale contract

There is not really enough information here to answer your question. The terms of your contract govern whether or not the contract is valid with respect to the buyer who is backing out, and whether or not the contract is valid with respect to the other buyer. You need to have an attorney review your contract to determine what your options are!

Re: business sale contract

I would need information to properly answer your questions, but...

I will assume that you have a valid contract and that both buyers are jointly responsible to pay you. In that case, if one buyer stops paying, the other buyer is still responsible to pay, and you may actually go after both buyers for any money you do not receive. For example, if A and B each pay $500 a month, and A stops paying for six months ($3000), then you can sue A for the $3000 and you can also sue B for the same money even though he is paying his share.

Please feel free to give us a call if you want to talk about your options moving forward.