buying existing business-contingencies

[deuteronomy65]

What is the name of your state? Texas

We want to make an offer on an existing business, but have these questions:

Q1: Our offer will be contingent on financing and satisfactory review of the books. Is it implied (in contract law) or should it be written, that if financing doesn't come through or the books don't pass, we would be refunded our earnest money?

Q2: Can you direct me to a site or tell me what the wording should be for the contingency clause?

 

[HomeGuru]

What is the name of your state? Texas

We want to make an offer on an existing business, but have these questions:

Q1: Our offer will be contingent on financing and satisfactory review of the books. Is it implied (in contract law) or should it be written, that if financing doesn't come through or the books don't pass, we would be refunded our earnest money?

Q2: Can you direct me to a site or tell me what the wording should be for the contingency clause?
Your wording in Q1 is not too bad in general but needs to be tightened up and more specific.
www.nolo.com