Consumer Law, Warranties do i have a leg to stand on

[stacie3972]

My jurisdiction is: tx

i recently sold my business a jewelry store to a mother and daughter that i have known my entire life. We verbally agreed that they would make monthly payments on the business until it was paid off. One month after they opened it they closed it down, took everything inside, moved away and have not paid me a dime. I know have none of the money or the contents of the store, They owe they person who they rented the building from money as well as the people who own the sign. Since these people nor myself can not get in contact with them they are coming to me wanting money. my question is. Is the verbal agreement going to do me any good? I have witnesses that they agreed to it but nothing on paper? And also what is the first steps I should take in this matter? also can I file theft on them? thank you for any help available.

 

[dee_dub]

Was the business an LLC? When you sold the business, did the new owners sign new rental agreements with the landlord and sign person? If not, there is a strong possibility you might be liable for any ongoing commitments the business had to them.

It is unclear whether the oral agreement will do you any good. It's binding; the difficulty you will face is a) proving it, and b) collecting on it. I think you'll be able to prove it - you have witnesses, and maybe the landlord and sign guy entered into new agreements with the new owners, which is pretty good evidence they bought the business from you. But even if you can prove it, do they have anything to pay you with?