Q: I am starting a food trailer buisness and my investor decided to back out before we signed a contract but he gave me
A check for$ 7,800 to purchase the trailer I paid 12,000 to finalize the purchase what is my legal obligation to pay the money back is there a time frame? What legal actions can he take against me?
A: It depends on the terms of your agreement, whether written or oral. The money was paid and used for the intended purpose, so no doubt you have a contract. What was your agreement with respect to the money? To pay back after a certain time frame or when the business reached a certain point? If there was no agreement, generally the legal answer is within a reasonable time. There is no set number of days, etc.
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