Posted by John Merchant on September 02, 2004 at 11:02:55:
In my experience the certainty of the lawsuit is normally enough to get the deal back on track.
Most lawyers would advise the seller, if there is a written contract, and no valid reason appearing to kill or delay the deal, to proceed with the sale and not waste S’s time and money fighting it.
If I were the buyer, I’d have a memo of agreement or something like it on record so the S can’t otherwise proceed to sell to somebody else.
Seller refuses to sell - Posted by John Binns
Posted by John Binns on August 30, 2004 at 24:04:34:
When a Seller refuses to sell the remedies are specific performance or monetary damages. This much I know. What I am wondering is:
a) How much weight does amount of consideration carry in a decision?
b) If the answer to “a” above is that consideration does play a major role, which party has the burden of proof ? Is there a general rule of thumb as to what would be considered inadequete consideration ?
c) Assuming there are no loopholes for the seller and the buyer is in compliance what time frame is usually required for completion of a specific performance lawsuit and are they often successful ?
Thanks