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  1. #1
    Wagaci is offline Junior Member
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    Contract with no end date?

    What is the name of your state (only U.S. law)? New York

    Idiot of a father signed a contract with a commercial broker, the contract has no end date or defined term.

    Legal? How does he exit it?

    I'm pissed beyond words.
  2. #2
    dmcc10880 is offline Member
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    Quote Originally Posted by Wagaci View Post
    What is the name of your state (only U.S. law)? New York

    Idiot of a father signed a contract with a commercial broker, the contract has no end date or defined term.

    Legal? How does he exit it?

    I'm pissed beyond words.
    First, it's your father's problem not yours.

    Second, without seeing the wording of the contract, it could be possible that after say 6 months with no activity, he could request the contract be terminated based on ineffective representation.

    Third, it could all work out.
  3. #3
    justalayman is offline Senior Member
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    actually, unless there is something within the contract stating the contract cannot be terminated without cause or certain actions have to have taken place prior to it being terminated, he could terminate the contract at any time. He simply writes a letter to the other party stating that as of such and such time and day he is terminating the contract.

    If there are some specific actions required to have taken place or that need to be taken prior to termination, then he needs to deal with that.

    Even if there are requirements of it requiring cause, he is still likely to be able to terminate the contract but how and when will depend on exactly what is within the contract.
  4. #4
    Wagaci is offline Junior Member
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    The agreement has 'Non-circumvention', 'Confidentiality', 'Financial Info & Authorization' and 'Exclusive Agent' clauses. To provide financing or sale for the property. There is a fee stipulation when either goal is achieved. Plus token consideration which was paid.

    There's nothing else beside the intro/objective.
  5. #5
    justalayman is offline Senior Member
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    without reading the entire contract, it is impossible to say for sure but so far, I don't see anything that would prohibit him from terminating the contract at will.
  6. #6
    Wagaci is offline Junior Member
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    Well, I'm still not happy about it, but I'm no longer having a fit about it.

    OTOH, are you law students? Attorneys? Bartenders?

    Is there a quality resource for downloading everyday contracts? Something like AIA for construction contracts (awesome resource).
    Last edited by Wagaci; 07-15-2011 at 05:40 PM.
  7. #7
    justalayman is offline Senior Member
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    Quote Originally Posted by Wagaci View Post
    Well, I'm still not happy about it, but I'm no longer having a fit about it.

    OTOH, are you law students? Attorneys? Bartenders?

    Is there a quality resource for downloading everyday contracts? Something like AIA for construction contracts?
    I am only what I claim to be, justalayman. I try to be informed and provide accurate direction but I am what I am and that's all that I am.

    as to a source for contracts: I would have to scour the net. I know of none offhand.
  8. #8
    Wagaci is offline Junior Member
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    What about legal zoom? For $8/mo, one can download all their legal forms. The subscription can be canceled any time.

    Is there some amazing online resource for reading on business contracts?

    I just read about liquidated damages, that's crazy, always gonna have that in there from now on.
  9. #9
    teddykiss is offline Junior Member
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    Dre

    Read your state's real estate law**************..

    Most states require that such an agreement have an expiration date. In many states, such as California, if they do not then they are invalidated.

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