Business Contracts
Purchase Agreement
Washington
What are risks without a purchase agreement?
I am considering purchasing a business and have been asked to sign a purchase agreement. However, I am unsure if this is necessary and would like to understand the potential risks of not having a purchase agreement in place. I want to ensure that I am making a well-informed decision and have the necessary protections in place.
1 Attorney answer
Answer
Business Contracts
Washington
Merry A.
ContractsCounsel verified
Purchasing a business without a binding agreement would be extremely risky (and, I'm sorry to be blunt, but extremely foolish). For example, without an agreement in which the seller is responsible for debts incurred prior to the sale, creditors could come after you.
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