Corporate
Letter of Intent
Texas
Can a buyer back out of a purchase agreement?
I am trying to sell my company and the buyer has gone silent. We have top terms agreed to and a LOI signed, but we have not put a purchase agreement in place yet. Can they legally back out if we have a LOI signed?
1 Attorney answer
Answer
Corporate
Texas
Michael S.
ContractsCounsel verified
With the caveat that I am a Pennsylvania and not Texas attorney, most LOI's are non-binding, unless the LOI itself provides otherwise. A lawyer would need to review the LOI to determine whether the deal can be enforced. Mostly likely, however, it cannot be enforced.
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