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

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cywcyw2009

Member
23 May 2016
1
0
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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
 
S

Sophea

Guest
It depends on the terms of the contract as regards the deposit.