Consumer Law, Warranties Agreement

[marine]

Myself and two other people were in the process of buying a business from one other person. We wrote up an agreement that we all agreed upon with a clause for a nonrefundable deposit of $3000.00 if the buyers backed out. Well it turned out that one of the buyers had to back out due to family matters. But he was the one person that never signed the agreement. Should we be able to get out deposit back?

 

[mafioso]

You would not be able. Unless there is a clause saying all buyers must sign to make the agreement valid. Read the agreement carefully........there might be a legal hole which can help you.