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Business Contracts

Asset Purchase Contract

Texas

Asked on Sep 16, 2022

Business has been sold

I sold my business in 9-2016 for $300,000 at 6% interest and received $4500 a month for payments then in January 2020 lowered the payments to $3000. How long until the note is paid off? Also the buyers now think they paid too much and want to change the amount, can they so that?

Donya G.

Answered Sep 23, 2022

Hello, Everything will depend on what your contract states. If the agreement said they paid the amount they did, it would not matter if they now think otherwise but it depends on your agreement. Generally, any modifications and revisions to an agreement must be in writing and signed by the parties. This would also need to be in your agreement. How I can help - I can review your agreement and advise you on how to take next steps with the buyers. You can connect with me through the website or directly to my profile page at Donya Gordon Esq. Regards, Donya

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Employee Rights

Noncompete Agreement

California

Asked on Sep 12, 2022

i work for a employer from illinois ,however i am in california. My contract has non compete clause. will that be enforceable

My employer has placed me in a position thru another vendor. My employer contract with that vendor is ending. So vendor contacted me. However I am in contract with my employer for 1 year contract.

Christopher M.

Answered Sep 13, 2022

Short answer: Probably no, non-compete and non-solicitation clauses are not usually enforceable on an employee in California. Long Answer: Regardless of the choice of law provision in your contract, if an enforcement action is brought against you in California, the California courts will dismiss it as it goes against the "public policy of the state" unless your employer can make a really compelling case. Most states respect the stated public policy of other states when deciding matters against their citizens, so even if the case was brought in another states courts your soon to be former employer would probably be powerless to get a judgement enforcing your non-compete.

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Contracts

Agreement Of Purchase And Sale

Texas

Asked on Aug 31, 2022

could the owner finance seller still be able to change the maturity date payment term of the contract post signature.

I sold my mortgage home by owner finance in 2016. It has 15 year maturity date term.

Max N.

Answered Sep 27, 2022

Hello! Just to be clear, I am not licensed to practice in Texas, but I am a licensed attorney in Oklahoma. I have seen this question be unanswered for a while, so I thought I'd respond. Typically, once the parties have both agreed (by writing and signing) terms of a contract, including a maturity date for payment, the maturity date can only be changed by all parties in another signed writing. That means that one party (such as the owner finance seller) should not be able to change the payment terms of an agreement without your express approval. Hope that helps!

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Dispute

Asset Purchase Agreement

Oregon

Asked on Aug 29, 2022

I sold my FedEx business in Oct 2020. The new owner paid half of my asking price & I have a legal contract for payment over 5 years with interest of 5%. He lost the business & has stopped paying my monthly installment payments.

Sold business but new owner isn’t paying monthly as agreed in legal contract. He has lost business & says he can’t afford to pay me.

Donya G.

Answered Aug 30, 2022

Hello, This is Donya. I can review your purchase agreement and advise you on how to move forward. I am a contracts attorney with over 20 years’ experience. I am an Arbitrator with the National Center for Dispute Settlements (NCDS), and have been an arbitrator is Civil Court, where I hear cases and render a decision based on the facts. I also work with clients at Arbitration with AAA regarding their contract disputes. I have also been a Hearing Officer and a Judicial Clerk. All in all, I have a well-rounded experience with handling and settling disputes. You may contact me on the Contracts Counsel website. Looking forward to talking with you. Donya

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Business Contracts

Rental Agreement

New York

Asked on Aug 29, 2022

Is this considered a form of misinterpretation leading to a breach of contract ?

I LIVE IN FLORIDA AND I NEED A LAWYER WHO PRACTICES IN THE STATE OF NY TO REVIEW A EQUIPMENT RENTAL CONTRACT THAT WAS SIGNED AND AGREED UPON FOR JULY 30,2022 IN BROOKLYN, NY. THE LOCATION OF THE EVENT WAS RELOCATED DUE TO UNFORESEEN CIRCUMSTANCES. THE NEW LOCATION WAS ONLY 2.5 MILES AWAY FROM THE ORIGINAL LOCATION. I NEEDED TO CHANGE THE TENT SIZE TO A SIZE THAT CAN FIT INTO OUR NEW FACILITY. WAS NO LONGER NEEDED BUT SERVICES AND OTHER CONTRACTED EQUIPMENT WERE STILL NEEDED. COMPANY STATES SINCE I WANT TO DOWNSIZE THE TENT I AM CANCELING WHICH IS NOT THE CASE. I ADVISED THE OWNER ABOUT HIS ASSISTANT MISLEADING ME INTO BUYING A SMALLER TENT THAN WAS NEEDED. THE TENT HAS A CAPACITY OF ABOUT 500 PEOPLE ONLY, BUT I WAS TOLD THAT 1200 PEOPLE CAN FIT. I HAVE ATTEMPTED TO WORK WITH THE OWNER AND HAS REFUSED TO WORK WITH ME AND HAS FOUGHT THE TWO DISPUTE CLAIMS I HAVE MADE WITH THE BANK. OWNER CXLD CONTRACT AND STATES THAT I CANCELLED IT BY WANTING TO MAKE A CHANGE TO THE TENT. NOWHERE ON THE CONTRACT STATES CHANGES CAN’T BE MADE. I SPENT $9,298.00 AND I HAVE NOTHING TO SHOW FOR IT. THE CONTRACT IS VERY AMBIGUOUS. CAN THIS BE CONSIDERED A BREACH OF CONTRACT WITH THE MISINTERPRETATION OF THE TENT?

Jane C.

Answered Sep 6, 2022

You need to consult an attorney to review the terms of the contract.

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Employee Benefits

Employment Agreement

New York

Asked on Aug 22, 2022

What is the minimum hours an employer can schedule an hourly part time employee in retail in New York state?

I work for Dollar Tree in New York state, I thought that the minimum shift that could be scheduled was 4 hours, however the manager is scheduling 3 hour shifts for myself and others.

Jane C.

Answered Aug 23, 2022

Please review the Department of Labor website https://dol.ny.gov/wages-and-hours-frequently-asked-questions

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