Jimmy I have to agree with you. Farley, go buy a clue.
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i should re state that he had no permission in writing with a bottom sale price. He knows dam well that we put a cap on this at $40 and he emphatically agreed.
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As I posted a few days ago, if was not put in the written contract, well then a bad deal was made, but it was a deal.
I am not talking about ethics here. I am not talking about fairness here. (So let that debate rage on. I'm not touching that aspect.) Nor am I taking sides here. I am talking about legaliies pure and simple.
And when it comes to legalities, I am sorry to say "he should know better" and "but it wasn't in writing" won't past muster in any court. Not only that, it would probably not get past the trial hearing stage, and that's assuming a lawyer could be found to even take it that far.
I'm guessing the contract was not made up by a lawyer. (If it was, it was a really bad one.) Expensive and sad lesson, but always use a good attorney; what might seem to be a lot of money at the time, turns out to be a lot less expensive when things go wrong. It's the only way to conduct business and to protect yourself.