Business Contracts Lawyers

I'm so sorry about this situation! So generally, the answer to your question is that the contractor is generally not entitled to the extra money. The law requires that your home improvement contracts include a clause that states that a change order for extra work will be incorporated into the contract and shall only become a part of the contract only if it is in writing and signed by the parties prior to the commencement of any work, covered by a change order. Accordingly, the law would generally allow you to avoid having to pay for this extra work since it was likely not in the contract and not consented to in advance.

You should sign a PSA after you have done your due diligence. You will need to look at the financials and the books of the company and complete any background check, including searching the court system for any lawsuits against the entity. Once you are comfortable with what you see, and you have the PSA reviewed by an attorney and it is in line with what the parties agreed to and protects your rights, then you can sign. As a contracts attorney that specializes in the purchase and sale of business, I can assist you with your PSA. You can find me on the website or my profile page - Donya Gordon Donya Gordon

The answer to your question is, as so many answers in the legal world..."it depends." It depends because it is possible that the company could have included in the original contract with you a clause preserving its right to change its policy without notice (although it could be argued that such a clause is unenforceable in a court) or it original contract may include language in which you waive your right to notice or some other similar waiver. The contract you are referring to in your question would need to be reviewed by an attorney practiced in contract law.

The 4 main options for dispute resolution in North Carolina are negotiation, mediation, arbitration, and litigation. The best option(s) for dispute resolution will differ depending on such factors as types of claims and amount in controversy. Although clauses requiring private arbitration have become commonplace in business-related contracts, with the exception of small claims, private arbitration through organizations like the American Arbitration Association ("AAA") and the Judicial Arbitration and Mediation Service ("JAMS") often costs the parties as much time and money as litigation. Therefore, it is important to choose your dispute resolution option(s) carefully and not enter into an agreement blindly. A knowledgeable corporate attorney can help evaluate your best option(s) for dispute resolution related to your business purchase agreement and can even draft the relevant contract term(s). Good luck!

Hi there, A repurchase agreement (often called a "repo") is a contractual arrangement where one party agrees to sell goods—like inventory or assets—with a promise to buy them back at a later date under specific terms. These agreements are commonly used to manage inventory, liquidity, or cash flow. Here is what you need to understand about your rights and obligations: Key Legal Implications of a Repurchase Agreement: Binding Commitment to Repurchase: If you signed a repurchase agreement, you are likely legally obligated to buy the inventory back under the agreed terms—regardless of your current financial position—unless the agreement provides exceptions. Review the Terms Carefully: Look closely at: Repurchase price and timeline Conditions that trigger the repurchase Default provisions or penalties Any security interests or liens the supplier may have on your other property Consequences of Defaulting: Defaulting on the agreement could expose you to: Financial penalties Loss of future credit terms Legal action for breach of contract Damages or collection efforts from the supplier Negotiation May Be Possible: If you're facing hardship, many suppliers may be open to: Renegotiating payment terms Extending the timeline Releasing you from the agreement in exchange for a settlement or return of inventory Termination & Exit Options: Review the agreement for any termination clause or early exit provisions. Some agreements allow for cancellation with notice or mutual consent. Mitigating Future Risk: Moving forward, you may want to include: Force majeure clauses Hardship provisions Caps on repurchase liability I recommend reviewing the agreement with a contract attorney to explore all options and ensure your rights are protected. If you would like help assessing the agreement and negotiating a path forward, I would be glad to assist. Best regards, Jerome Lucas Newell, Esq. Business & Commercial Contracts Attorney