Legal Question in Business Law in Illinois
buying a business and owner stated and went over the numbers with us that he had procured additional business from an important client
the extra business did not materialize and was not even close to actually happening so is that misrepresentation on the seller's part.
The extra business was not put in the seller's contract so he says he is not liable.
As buyer's, this additional business was why we ended up purchasing the business and we told seller that many times
1 Answer from Attorneys
1. Buyer Beware.
2. "Prove It".
If you didn't get something to back up the seller's contention in writing, you will most likely not be able to prove fraud in a court of law, which will be guided primarily by the written contract and what is in it. PS it is not the "seller's contract" -- it is yours too.
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