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What is inventory?

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K

klr1979

Guest
What is the name of your state?What is the name of your state? Kentucky
I leased a convenience store about 2 years ago. Overhead is now exceeding profit and I wish to move the business to another location. In the lease agreement I signed with the leasor I agreed to purchase "all currently existing inventory, including gasoline, consumables, and stock offered for retail sale..." Now that I am leaving, the leasor tells me I only purchased the items to be resold to the public. It was my intention upon signing this lease that I would be purchasing the shelving, stand-alone coolers, and everything else that was not permanently affixed to the structure. We now have a disagreement. I know this is kind of vague, but I need to know the legal defiintion of inventory. I was thinking it meant everything not nailed down.
 


D

DQuicke

Guest
The standard definition of inventory is that which is purchased with the intent of being sold as an item available at your marketplace(regardless of who buys it). Technically I suppose that shelving and other structures used to promote the sale of your inventory would be considered either furniture or plant equipment or something in that vein, but definitely not inventory. Unless you had the intent to sell the shelves as an item available at your marketplace,they would not be considered inventory. If your contract specifies that you are only allowed to keep the inventory of the store than I'm afraid that most likely you wll not be able to keep any of the furniture, strucures, or equipment used to make your inventory available to the public. Sorry to bring you bad news. I wish you the best of luck.
 

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