A recent case out of Kings County, I&M Kosher Catering LLC v BHNG Inc., explains that a Non-Reliance Clause must be specific to preclude a claim for fraudulent misrepresentation. The case concerns a business asset purchase gone wrong. The plaintiff purchased a bagel store on Coney Island Avenue and, in doing so, relied on the … Read More
A and B enter into a contract. B breaches the contract. A can cancel the contract if B committed a material breach. In other words, only a material breach allows the non-breaching party to cancel the contract. This is an unwritten rule under New York law contained in every contract, unless your contract specifically provides … Read More
Most buyers and sellers of a small business will encounter an asset purchase agreement as part of the transfer of the business from the seller to the purchaser. While we do not recommend drafting and negotiating an asset purchase agreement without the help of an attorney, you, as the seller or purchaser of the business, … Read More
I get it, when you buy or sell a very small business, you don’t want to spend an arm and a leg on lawyers to draft all the necessary documents. Thus, many people look to templates or whatever forms their business broker has and go ahead without a lawyer or accept very simple purchase and … Read More
Did you know that there are actually limits in New York as to how much a lender can charge you in interest? In general, no person or entity may charge interest in excess of 16% per annum. That is set forth in New York General Obligations Law Section 5-501 and is called civil usury. If … Read More
You may have signed a contract for your small business that you really shouldn’t have. Or you are being asked to perform under an agreement and think that such demand is not what you agreed to or just grossly unfair. So you ask yourself, “can I get out of that contract?” What does your Contract … Read More
Promissory notes are a common instrument in the financial world, but do you know what they are? Here are the basics: What is a Promissory Note? A Promissory Note (also known as “note” or “negotiable instrument”) is a written statement that evidences that money is owed to you by the author (also known as “maker”) … Read More
