S
Saoir
Guest
California law.
I am in Europe, and my father (also here) who has very limited resources has sold the rights to use an astrological program he developed to a US company for use on the internet for a purchase price and an ongoing percentage of revenue. Date of sale: Sept 2002.
Purchase price involved three lump sum payments, amount A after 15 days, amount B after 60 days and amount C after 120 days. Percentages were to be paid months within five days of the end of the week.
Trouble is the only punishment I can see in the contract is going to arbitration, which is expensive and would last years.
Fine so far.
Problem:
-The company has paid nothing at all to date. It has recently received new venture capital money. But my father hasn't got the money to engage a lawyer to sue in California.
There is a "Representations, Warranties, Covenants and Conditions clause where the parties agree that all such will be true.
Question:
Is there any way that this contract could be considered null and void when the purchaser didn't even deliver the first payment after 15 days ? and has not made a single payment to date ? Is this some kind of lack of good faith on the signing of the contract ?
Would it be of interest to the venture capital company that this is the case ?
I would appreciate any advice anyone could offer on this. I can provide additional info on the contract, which I know is poor..
Best wishes,
Saoir
I am in Europe, and my father (also here) who has very limited resources has sold the rights to use an astrological program he developed to a US company for use on the internet for a purchase price and an ongoing percentage of revenue. Date of sale: Sept 2002.
Purchase price involved three lump sum payments, amount A after 15 days, amount B after 60 days and amount C after 120 days. Percentages were to be paid months within five days of the end of the week.
Trouble is the only punishment I can see in the contract is going to arbitration, which is expensive and would last years.
Fine so far.
Problem:
-The company has paid nothing at all to date. It has recently received new venture capital money. But my father hasn't got the money to engage a lawyer to sue in California.
There is a "Representations, Warranties, Covenants and Conditions clause where the parties agree that all such will be true.
Question:
Is there any way that this contract could be considered null and void when the purchaser didn't even deliver the first payment after 15 days ? and has not made a single payment to date ? Is this some kind of lack of good faith on the signing of the contract ?
Would it be of interest to the venture capital company that this is the case ?
I would appreciate any advice anyone could offer on this. I can provide additional info on the contract, which I know is poor..
Best wishes,
Saoir