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?
3 Answers from Attorneys
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.
We don't have the contract to see what was actually agreed to. You need to see a lawyer.
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.
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