i bought a business from this guy and agreeing to pay him the money in monthly bases. but after a while my business went down coz of teh competition across the road. i told the guy who i bought the business from that he already knew abt this new business across the road. but he denied it. after that we come to an agrement that i only pay half the amount from the intial contract. he agreed. but now my business is doing well and he want me to pay the intial contract money. im i liabile to pay the original contract money?. \n\npls try to not answer me in one word answeres. coudl some1 pls help me with this clearly. thank you. pls give me the points supporting me and against me. really appriciate it, if some1 can spend few minutes explaning this. thank you.
202227
Dragonfly is correct.  There may have been actions you could have taken if he had sold you the business under false pretenses, but after you re-negotiated, you should have written a new contract.  If you did not write a new contract after the change in agreement, the original contract still stands.\n\nYou could argue verbal contract, but 99% of the time the written contract will win.\n\nAlso, if you don't have any contract, then its even worse.  You could try to only pay him the half, but if you don't have any paperwork conveying the business to you or outlining the payments and the purchase, he can just take your money and claim either that you haven't paid, you haven't paid enough, or that you never even had a deal on the business.\n\nIf you are not well informed on the law, it is always wise to consult an attorney before making major business decisions.
257867
Is this with a bank? or an individual? \nUnfortunately, this is considered a "high risk" industry, and therefore, the bank will most likely decline any funding if your credit rating has deteriorated, and the net worth & net income of the company is not showing profits. \n\nYou need to talk to the person, and ask them, if there is some way you can discuss other options, than them demanding the loan in full? \n\nFailing this, you need to assess whether you should stay in the business, I know it is tough, but if you are having a hard time paying now, what will change significantly to make you pay later? \n\nThis, may be the toughest realization, but it is what you need to consider.  \nI am not sure what you signed as security for the loan, however, you may have some options, and I would approach your Bank to discuss what the options may be.  Worst case, is bankruptcy, but there is a lot of decisions and choices in between. \n\nGood luck to you.
386982
The tenant pays you to use your house.  It is his home while he pays your rent.  He can ruin it or improve it.  He can be a good neighbour or a bad one.  It should be a mutually respectful business deal.\nBut yes, get a contract and stick to it!
278805
When he sold you the business and you did not have a none competition clause in the sales agreement or a fiduciary clause then you are out of luck...me personally, I prefer to have my competition next door..then I can keep an eye on them...it is healthy biz strategy...obviously your brother knows he made a mistake....advertise and use your obvious higher quality business strategy to sell more and get more customers than him...there is only so much business to go around in that field...get more than your fair share and your brother will be gone eventually
503075
If you compete only on price then you are on a downward spiral. If you get the contract at a low price then someone else will come along who will offer to do it cheaper yet. It is a losing strategy.\n\nWhy not explain that your workers have been trained to do a thorough job and are very careful with their client's property? If you compete on value you could get the job and still make a profit.
512157
***Ok I saw the revision of the contract and it looks better then the first one. But I would definitely tell you that you should go to a lawyer who knows much about contracts for you to be able to make this contract completely solid and legal. Usually you should be able to find lawyers who you can pay a minimal fee to just to have them look over and notarize the contract to make it legal. It's best advised to do that in case a lawsuit occurs one day.\n\nYou can go to http://www.findlaw.com to find lawyers in your area or read up on some of the legal rules, cases and issues that might be of help to you with this contract further. Good luck!!\n**********\nThere are both pros and cons to this contract. \nA states that it is a year long lease. But I find something here that I feel you may need to check on so that if you end up getting sued, you have evidence to prove that the other party has to pay damages; I don't see a termination in A. B says that in the month to month tenancy, either party can terminate the agreement by giving a written notice of intention to terminate at least 30 days prior to the date of termination. A doesn't state that.....and A needs to state that in case you go with A and the tenant decides midway that they want to leave without giving you notice. \n\nI would say A is a good way to go, but then B is also a good way to go too because it's a month to month lease. A is good because it is a year contract that if you get a lawyer to help you with the glitch I mentioned you would be fine. You don't have to worry about whether the tenant will leave next month or not because he or she will be there for the whole year and will be paying on time. Month to month tenancy is a little risky and should only be used with tenants who don't want to rent out for a year or more, but want to rent for a month or so until they can go somewhere else or whatever the situation might be. I say go with A and add that clause that either party can terminate and give notice prior to the date of termination.
559356
Signing a lease a month or more in advance really isn't unusual.  If it were me, I would talk to this guy and see if he couldn't be flexible about how much of the deposit you put down.  In my experience, rental companies have required me to sign the lease as soon as I have made my decision and put down half of the deposit, but I have had until the move-in day to pay the rest of the deposit & first month's rent.  Really, it's up to the landlord or rental company, but he may be willing to work with you.  Especially because if you do sign the lease now, it's still a legal contract that says that you are obligated to pay him, even if you're not paying immediately.  It's worth a shot!
366448
This is not what you need for success.  \n\nYou've already mentioned you're aware this "new guy" isn't proactive or responsive.  Why would you want to associate with someone who is a user and a taker?  Guaranteed, he will do the same to you.  \n\nYou don't anywhere mention how you would fund all this "traveling" and potential income.  I see alot of ifs and they don't make the mortgage payment.\n\nSit down and make a list - just a simple pro and con list of what you know.  Then make a similar list of what you don't know about this "offer".  \n\nListen to your instinct.
267567
Try selling it to a private party for as close to teh payoff as  possible.  What's the KBB value of the truck?  If that doesn't work, keep the truck and absorb the payments for a while longer.  When possible make more than 1 payment a month.  If he looses any money on a trade in, it'll just get rolled into the price of a new vehicle, increasing the payment even more.  Best bet, suck it up and pay it as quickly as possible.
332450
Okay - I can't really help you collect on this debt other than to document EVERYTHING - copies of all letters, dates of calls, names of who you spoke to, etc.  However, in the future, if all possible, get at least half up-front BEFORE giving your service.  Be sure all your invoices go out with "terms" clearly marked.  Perhaps offer a discount for paying within 10 days - common terms are 10%Net30 and large companies tend to take advantage of that - and you therefore get paid quicker, keeping your cash flow running smoother.  Good Luck collecting on the deadbeats!  Don't let them get away with it if you can help it.  If worse comes to worse, your accountant will be able to write it off at the end of the year.
86116
Why do I feel you are leaving out some important details here?  What's going on?\n\nThe dealer has the right to get a credit report on you if you have applied for credit with him.  Did you have a business transaction with this dealer (signed or otherwise)?  If so, you don't have a leg to stand on.\n\nIf no, then he is in violation of the Fair Credit Reporting Act.  See the link below for the entire text and see what the law says.\n\n\nIf you did have a business relationship with him, I don't see anywhere in the law that prohibits him from getting it 8 times.  He has to pay for each credit report, so if he wants to do that over and over that's his privilage.  You can contact the credit reporting agency and explain the situation.  They may remove some of the disclosure reports.  Be prepared to give them a good explanation.\n\nNow, if you were not applying for a loan, and he did do all of this, you can sue him for any damages that happened as a result.  Were you denied credit because of your now lower score?  Was the interest rate higher because of it?  Were you denied employment?  How were you damaged.  \n\nYou can't sue him just because your score went down.  You can report him to the credit bureaus, and they can deny his access to future credit reports.\n\nOn a happy note....if you can prove that he willfully requested credit reports, and you did not have a credit application or business relationship with him, he can be sued for $2500 for each violation. \n\nYour next step is to contact the credit agencies. Good luck
660385
When it comes to legal matters of this sort--one has to be very specific on details-------First-hopefully this company is within the same state in which you have residence--if this be the case--call the state's Attorney General's offices and they will assist you in making a formal complaint and council you on your options (in some states they will do this for you even if the business your having problems with is an out of state address)----if it is not in the same state  as you ---you may need to go to the Federal Trade Commission  (FTC) to get satisfaction--------in any case---and not meaning any disrespect to those who have answered in the manner---the BBB is not going to give you satisfaction in this matter--all the BBB does is take the report--contact the business in question and give them a chance to file a report on their side of this story---if the business files that report---BBB will file it along with your complaint and log it as a settled matter and that will be that---they do not advocate--council--negotiate--or seek legal actions against anyone-------------have all your records of contracts--reciepts and other correspondence handy when you contact the Attorney General's office because --once you get the person on the line that will talk to you about the specifics--they more than likely have alot of questions and will want to know particulars that only the paperwork will provide-------------Hope this Helps---------Now----Go Nail the Bastards
347352
This unfortunately is just life. Do not loan anyone money or housing or food or anything else that you can't afford to lose, because you will be disappointed this way. Next time you get into a deal like this, have the other party sign an agreement (at least you will have it in writing). That won't get you paid, but it will make it easier to pursue should you choose. You will find that it is best to avoid these situations entirely. \nNow, that said, you could send him a bill (do this on your computer - make it neat, and then print him a copy). Mail it to him and be specific what the charges are for (dates of the stay, etc). Give him a phone number to call to discuss it. Mail by registered mail requiring an acceptance signature. If he does not respond by phone, send another letter the next month (same rules). He may just get tired of it and pay up. If he doesn't pay up, you will have a little documentation to rest charges on. I don't know how much we are talking about here, but it may be better to just chalk it up to experience, and be smarter next time. I have had to do that a few times as lessons learned. Good luck with your problem - hey, at least you don't still have the moocher living with you.
90625
if it is a significant amount of money, you need a lawyer. my guess would be that failing to initial one spot would be viewed as an oversite and not a reason to void the contract.
97582
Just play it cool. And the next time he ask you for any money, and he will. Tell him, I can't see anyway that I can possibly help you out. As there is still the issue of you owing me $700. Now when you see your way to paying me back, I'll consider another loan. And leave it at that.
315710
Yes. you are being ripped off! you can contact the higher authorities at your work, meaning the ones above your manager. if they dont sort this out, you might want to contact the department of Labor and lodge a complaint with them with a copy of your agreement. also you might want to seek the advice of an attorney after showing him a copy of your contract and you can proceed according to his advice.
226788
looks like you ol' man became comfy with the situation.\nask yourself or ask him, What is his business plan and is it on track of the projections that were made. A fair way of doing it is split the bills in half, you have your money to do what you want, and he has his half of the responsibility and will need to step it up in his business venture.\nstarting a new business takes time, but there needs to be a line drawn as to what money is whose, if he gives you the are the bills paid crap next time you want to go out, tell him "yes my half are paid, you still need to pay your half"