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NSW Commercial Law - Purchasing a Business - Can I Rescind Contract?

Discussion in 'Commercial Law Forum' started by cywcyw2009, 23 May 2016.

  1. cywcyw2009

    cywcyw2009 Member

    23 May 2016
    Likes Received:
    Hi there

    This is in relation to cafe business purchasing. I have paid 10% deposit for business trial. During two weeks trial, we found the catering business may not be genuine. So legally, can I request the proof of the catering business under commercial law, e.g. confirmation from service recipient on the amount?

    In addition, even if the catering service is proven, the total trial amount is $40 short in comparison with contract agreed figures though the gap is nothing significant. On that basis, can I rescind the contract without losing 10% deposit?

    Thanks in advance
  2. Sophea

    Sophea Well-Known Member

    16 April 2014
    Likes Received:
    It depends on the terms of the contract as regards the deposit.
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