kleptonite
Junior Member
Arizona, Glendale
Myself and my partners had an agreement with a seller to purchase his business for a set price and terms verbally. Affiliates of the business such as independent contracts were also told by the owner and us that we were going to purchase the gym the price and conditions obviously not told. We had a set date to take over and the writing of the purchase agreement was written the date was set for the signatures to take place.
Is there an Arizona verbal agreement law that states he has to sell it to us or is he able to back out of our agreement since the actual purchase agreement was not written? Similar to the threat below me but different state does Arizona even honor verbal agreements?
Myself and my partners had an agreement with a seller to purchase his business for a set price and terms verbally. Affiliates of the business such as independent contracts were also told by the owner and us that we were going to purchase the gym the price and conditions obviously not told. We had a set date to take over and the writing of the purchase agreement was written the date was set for the signatures to take place.
Is there an Arizona verbal agreement law that states he has to sell it to us or is he able to back out of our agreement since the actual purchase agreement was not written? Similar to the threat below me but different state does Arizona even honor verbal agreements?