Out-of-class reading and drafting assignment for next week:
XYZ, LLC owns the WEAR ME OUT clothing store in Tampa, Florida, and ABC Corporation is buying it from XYZ, LLC for $550,000 payable $100,000 cash at closing and $450,000 by promissory note payable over 10 years with interest at 8% per annum secured by a security agreement on all assets being sold. Pretend you are a law clerk for ABC’s lawyer. [Create additional facts as needed for this exercise.]
Draft a contract for purchase of business of up to 2 pages in length.
Name the file: “[student last name] Contract for purchase of business [date]”.