An individual who had recently purchased a business called. She had paid $300,000 for the business. Following the closing, she realized that she had gotten far less than she had bargained for. In fact, the business was not viable. She had acted without a lawyer because the seller told her she did not need one.
All promises that had been made were verbal. Her contract said that she was accepting the business “as is” and that she was not relying upon any representation made by the seller.
No due diligence had been done. She had no tax returns or other documentation of the seller. Instead, she took the word of the seller. At this point, she has no evidence to establish that misrepresentations were made. Since this was a commercial transaction – B to B – none of the protections that consumers enjoy were available.
Proceeding without a lawyer has proved very costly to her.