Contract for payments on books.

[cravincofe]

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

About a year and a half ago my business partner and I entered into a contract to purchase a "bookstore" from an individual. We agreed to pay $30,000 plus interest. We put $1,000 down and for the first three months paid $300.00 and then increased the payments to $600.00. There have been several issues - we have opened up "stores" on line and the first month did very well - since then the sales and revenue has decreased because of the economy - to the point now where we are about $600.00 - $700.00 in the hole each month with the books and are in danger of possibly losing our house. The other issue is the contracts states a non-compete clause for 5 years. the gentleman we entered into the agreement with knew we were putting the books on line. We all signed the contract - he has kept his books on one of the same websites we are on and he actually has some of the same titles we have. We have mentioned that this is against the contract to him but he doesn't seem to think it matters. My question is - we want out of the contract we would gladly return what is left of the books and if we can't do that what is our recourse? Thank you.

[Stevef]

Originally Posted by cravincofe

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

About a year and a half ago my business partner and I entered into a contract to purchase a "bookstore" from an individual. We agreed to pay $30,000 plus interest. We put $1,000 down and for the first three months paid $300.00 and then increased the payments to $600.00. There have been several issues - we have opened up "stores" on line and the first month did very well - since then the sales and revenue has decreased because of the economy - to the point now where we are about $600.00 - $700.00 in the hole each month with the books and are in danger of possibly losing our house. The other issue is the contracts states a non-compete clause for 5 years. the gentleman we entered into the agreement with knew we were putting the books on line. We all signed the contract - he has kept his books on one of the same websites we are on and he actually has some of the same titles we have. We have mentioned that this is against the contract to him but he doesn't seem to think it matters. My question is - we want out of the contract we would gladly return what is left of the books and if we can't do that what is our recourse? Thank you.

Take your contract to a local lawyer and find out your options. You may be able to sue for breach of contract.