My husband and I are are taking over the family business. The final
arrangements have not been made for the take over. (He has been running the
business for the past 25 years). My husband negotiated a contract with one of
our venders but they would not allow him to sign the actual contract because
of legalities. His father did in fact sign the contract. My husband, in
haste, verbally instructed the vender to dissolve the contract. The contract
is a good one and we want to honor the negotiated terms in place. My question
is: Can the contract be dissolved verbally by my husband even though he was
not able to legally sign the contract. Is this contract still legal?
BizResearcher | Window Shopper |
10/9/2012 - 11:23 am
You may need to contact an attorney for guidance. You will need one to create
your buy/sell agreement with your in-laws, so this is a good time to get one
involved. There are several issues involved in your question, including the
size of the vendor's company and the authority of the person your husband
talked with. Unless your husband has some legal authority for operation of
his parent's business, the contract may still be legal.
kmurray | Community Moderator | 10/14/2012 - 8:55 am
BizResearcher | Window Shopper | 10/9/2012 - 11:23 am
your buy/sell agreement with your in-laws, so this is a good time to get one
involved. There are several issues involved in your question, including the
size of the vendor's company and the authority of the person your husband
talked with. Unless your husband has some legal authority for operation of
his parent's business, the contract may still be legal.
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