How to terminate a business purchase agreement?

I am in the process of purchasing a business, and I am currently reviewing the purchase agreement. I have noticed that the agreement does not specify how to terminate it and I am looking for guidance on how to properly terminate the agreement if I decide to do so. I am also interested in learning what the potential legal consequences of such a termination would be.

N'kia N.

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A North Carolina business purchase agreement typically includes due diligence. During due diligence, the buyer has the opportunity to explore the deal and investigate the business to be purchased. The buyer is usually allowed to terminate a business purchase agreement during the due diligence period simply by providing proper notice to the seller. Upon terminating a business purchase agreement during due diligence, the buyer is usually not entitled to a refund of a due diligence fee but might be entitled to a refund of a deposit. There are also several other termination options that could be included in a business purchase agreement. To avoid conflict and confusion, ideally, a contract should clearly articulate how it can be terminated. If you need assistance with a North Carolina business purchase agreement, you might consider consulting with a knowledgeable North Carolina corporate attorney. Good luck!