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verbal/implied contracts

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rmcvoy

Guest
i'm in geogia, and i had an LLC with one other member. I just "bought" her shares of the LLC, with a very simple legal contract. The contract did not cover many details, and I did not have her sign a non-compete. However, she assured me that she would not do anything to harm the company's fragile business. She then immediately contacted the manufacturer of our best selling product to make an identical product for her (as soon as I paid him the balance due from our LLC), and has solicited the LLC's customers. Is there anything I can do with only a verbal agreement? What exactly is an implied contract?
 


L

loku

Guest
THE CONTRACT DID NOT COVER MANY DETAILS, AND I DID NOT HAVE HER SIGN A NON-COMPETE. HOWEVER, SHE ASSURED ME THAT SHE WOULD NOT DO ANYTHING TO HARM THE COMPANY'S FRAGILE BUSINESS… IS THERE ANYTHING I CAN DO WITH ONLY A VERBAL AGREEMENT?

Unless your written contract provided that the written contract was the entire agreement between the parties, the oral promise not to do anything to harm the company’s fragile business, would be an enforceable contract. The trouble would be in proving that you had the agreement. Also, if the business had any security measures as to the customer lists, they could be a trade secret and she may have violated your rights to the secret by using the customer list.

WHAT EXACTLY IS AN IMPLIED CONTRACT?
It is a contract that is implied by the circumstances and actions of the parties. If the parties acted in such a way that reasonable parties in the same situation would understand that there was a contract, a contract would be implied; however, you have an explicit oral contract, not an implied contract.
 

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