Virginia | Business Law
Legal Question
Is a verbal sale agreement enforceable in VA?
I have my business (a franchise) listed for sale in Virginia. A potential buyer has been looking at the business, its financials, etc. since November 2006. 3 weeks ago, they set up a meeting with me to verbally agree to a sales price for the business. We also negotiated a few other items such as a close day of Mar 31st at best and April 30th at worst. I have been asking for an offer in writing since our meeting, but every excuse under the sun keeps coming into play. They are working with an attorney and an accountant (who do not specialize in franchising) about writing an agreement. The attorney and accountant think the buyer might be paying too much, but the buyer, the franchisor and I think that the pricing is fine. If I accept an offer in writing from another potential buyer, can the first potential buyer sue me for specific performance or anything else?
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