Business Contract Binding Two Parties Business Law Essay

683 words - 3 pages

Surname 1
Herein is an agreement made on the 5th day of June, 2017 by and between Mr. Cellar, sole owner, Chairman and CEO of Acme Retailers Company Inc., (referred to as “Seller” henceforth )and Mr. Byare (referred to as “Buyer” henceforth).
The Seller is willing to sell and the Buyer has the desire to buy a corporation business operating and/or located at California and goes by the name Acme Retailers Company Inc., and all the assets thereof.
The Agreement by the Buyer and Seller and the covenant is as follows:
1. The corporation will be sold at $55,000.000.00 dollars payable in cash at close of the escrow to the agreement.
2. The Seller promises to transmit a clear and marketable title to all the property that makes up the corporation and that the same not to be inclusive of any associated debts and other encumbrances. The seller promises to communicate all liabilities associated with the property before closure of agreement.
3. The Seller may use a portion or all of the purchase money to cover for encumbrances on the property transferred which are liable to the Seller as the current owner of the property. In the event that there are no available documents to assist with the discharge of current encumbrances, the transactions shall be determined by the attorneys representing the Buyer and the Seller in negotiations awaiting the finalizing of the agreement.
4. Operating expenses of Acme Retailers Company Inc., including rent, taxes, payroll but not constrained to the expenses thereof, shall be distributed to the transaction by adding or deducting to the proceeds due from the Buyer.
5. The seller agrees that the Agreement is based on condition that the Buyer acquires necessary legal documents such as but not limited to leases, licenses, and other approvals from the proper authorities and that the property and the premises will be in its stated condition notwithstanding reasonable depreciation.
6. The Seller is to be relieved of their role in the property as owner, CEO or Chairman.
7. If this Agreement or...

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