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Home Q&A Forum Can I back out of an asset purchase agreement?
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Business Contracts

Asset Purchase Agreement

California

Asked on Oct 12, 2023

Can I back out of an asset purchase agreement?

I recently entered into an asset purchase agreement with another party to purchase a piece of equipment. Since then, I have had second thoughts about the agreement and now want to back out. I am concerned about the legal implications of this decision and want to understand what my options are.

1 Attorney answer

Answer

Business Contracts

California

Answered 312 days ago

Sarah S.

ContractsCounsel verified

Business Lawyer
Licensed in California
Free Consultation

The ability to terminate a contract largely hinges on the language within the contract you've entered into. It's advisable to seek legal counsel and have an attorney thoroughly examine your contract. In addition, there are legal doctrines in common law, such as impossibility or impracticality of performance, which might provide grounds for contract termination under certain circumstances. It's essential to consult with a legal expert to assess the specifics of your situation and explore any potential defenses or options available to you.

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