Stolen Business (real estate transaction, written/ oral agreement)

UT- Few months ago my wife verbally agreed to sell our 2 retail stores for $50k total. The buyer came in immediately, changed the locks because she paid the rent for the month, and was very hard to communicate with. Buyer gave us an agreement that stated she was "taking over" business operations, but made no reference to the price. My Wife signed the agreement and gave her a copy of OUR simple terms, stating the price of $50k, but OUR terms and agreement were not signed. However, they were accepted. After I found out I took our 1 page agreement to her to sign and she refused. She is 3 months into operation, and refuses to pay a dime. We even left valuable equipment as part of making good on our end. Yes it was DUMB on our end I fully agree (long story). Many factors led to hasty sale to which I wasn't involved as I was ill, and didn't agree to. I am the owner, 100%.

Will she get away with this in court? I have 3 witnesses to her verbal promises to Me to make the $50k payment. What recourse do I have? Any help greatly appreciated.

[AFFA]

I wish to inform you that oral agreement is valid agreement between parties. In this case you can claim sale value of $50,000 for your store. However as the agreement was in writing and if the written agreement is silent on sale price and there is no other thing to show sale price then the agreement lacks consideration and therefore is void and you can take back your store from the lady. You can inform the lady that you will initiate legal action if sale price of $50,000 is paid to you. If still the lady does not pay you then you can file a lawsuit demanding sale price and alternatively your store and your legal costs in litigation.

AFF

Forget affa's advice. As is usual, it's wrong.

Any real estate transaction requires a written agreement for it to be enforceable. This falls under the Statute of Frauds.

You will probably not be able to recoup your losses.

The person above is wrong again. I am sure by that writing style I know who it is

Yes of course you can seek to recoup the losses. The buyer cannot act with bad faith or fraudulently and no court is going to reward such behavior.

You have to lay it all out clearly and in detail but you indeed can prevail on this matter. Arguably the agreement was never even completed if price was not finalized.

LOL @ "I know who it is". That's a pretty amazing feat to know who unregistered people are. Get a real life.

Educate yourself. Research Statute of Frauds.

Perhaps if you stopped making this site your life (as is obvious by your silly comments) and actually knew something about the topics you respond to, you would stand a better chance of being taken seriously.

The OP can seek to recover his losses, but that does not mean he will prevail. Besides which, the wife signed an agreement the buyer prepared, thus locking her into the BUYER'S demands. Further, if the OP is the owner 100%, then the wife had no business conducting any transaction, written or oral, which she did. A judge will wonder why the OP is bringing suit if he allowed his wife, who was not a vested party, to conduct his business when he's the owner 100%.

Owner back here:

Thank you all for your input. I just spoke to my Attorney who said he finally spoke to the Attorney of the buyer I'm suing. They are looking for ways out of paying me, and now claim there was store debt to pay out which nearly equals the $50k I'm asking. This debt was VERY clearly laid out and the buyer knew we gave such a great deal of $50k because of some outstanding debt (at zero interest and small payments). I also have nearly $50k of my own start up debt in the form of an SBA loan and credit cards to pay off, so I'll never profit off this. I'm just trying to keep from going bankrupt and support my family. My credit card debt is separate and I never wanted to make her responsible for it. But now the interest payments are killing me and it's nailed my credit...... because I'm due $50k. Is this a punitive damage by chance?

Now what? They are going to stall, try to look for ways out and I just want to go to court. I've been into my old stores and have seen that the buyer has spent well over $50k on inventory since taking over. She also got a new delivery truck and a shiny Escalade for herself. Unjust Enrichment some say.

Thank you for any advice you can give!

The best advice is, live and learn. Never make such a serious decision without the assistance of legal guidance. I can't imagine what people are thinking when the put together "deals" like this.

No tangible or intangible property should ever switch hands without money switching those hands first.