Kansas | Business Law
6/24/06, 10:19 pm
Legal Question
verbal contract for sale of business
I am in the process of purchasing 2 small businesses in our area. The seller and I have a verbal agreement for terms of the sale. Is this contract legaly binding to the terms set forth by the seller and the buyer. The applications for all but one of the necessary licenses have been processed, of which it can not be done until after others have been received. Long story short since we the buyers have been doing our part of the sale agreement, can the seller back out at any given point, or is his verbal agreement of sale legaly binding.
thank you
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Read More Answered By: Jeffrey Carey |
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