Q: Does a contract for the purchase of a business in North Carolina have to be Notarized for it to be legally binding?
The contract was signed by both parties and had a specific payment plan, the business was being financed by the owner for two years. The balloon payment was to be made at the end of 2 years. The buyer made payments for 17 months but has paid nothing in the last 28 months.
A: No. To be legally binding with respect to signatures alone, the referenced contract should simply be signed by those persons having authority to bind the listed parties to the contract.
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