Contract law. Business sale agreement (most important)

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Contract law. Business sale agreement (most important)

Lecture notes, cheat sheets

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30. AGREEMENT FOR THE SALE OF THE ENTERPRISE

Under the contract for the sale of an enterprise, the seller undertakes to transfer the enterprise as a whole as a property complex to the ownership of the buyer, with the exception of rights and obligations that the seller is not entitled to transfer to other persons.

The contract for the sale of an enterprise is:

1) consensual;

2) compensated - the basis for the fulfillment of the obligation to transfer the goods is the receipt of counter satisfaction in the form of the purchase price, and vice versa;

3) mutual - the existence of subjective rights and obligations for both parties to the contract of sale.

subject of a contract - an enterprise, while the composition of the enterprise being sold should be determined, which is determined on the basis of its complete inventory. Also, the subject of the contract may be a part of the enterprise.

Essential terms and conditions of the contract are its price and subject - an enterprise, which is defined as a single and separate property complex belonging to an entrepreneur, recognized as real estate and used for doing business.

Parties to the agreement:

1) entrepreneurs - citizens or commercial organizations;

2) the state;

3) federal or local property funds.

Form of contract - written, by drawing up one document, which is accompanied by an inventory act, a balance sheet, an independent auditor's report on the composition and value of the enterprise, a list of all debts included in the enterprise, indicating creditors, the nature, size and terms of obligations and mandatory state registration of the right ownership of the enterprise.

Rights and obligations of the seller:

1) is obliged to prepare the enterprise for transfer;

2) transfer the enterprise to the buyer by signing the deed of transfer;

3) transfer the right of ownership to the buyer;

4) notify the buyer of all existing rights of third parties to the company and transfer their debts to the latter in a proper manner;

5) be sure to notify and obtain the consent of creditors on the sale of the enterprise.

Rights and obligations of the buyer:

1) payment for the received enterprise;

2) obligation to accept the goods;

3) may not unreasonably refuse to sign the deed of transfer or evade the state registration of ownership of the enterprise;

4) have the right to demand a corresponding reduction in the price of the enterprise if the seller violates the conditions regarding the quantity and quality of the enterprise being sold;

5) have the right to demand termination or amendment of the contract if the seller violates the terms of the contract;

6) the obligation to promptly notify the seller of the breach of contract.

Author: Rezepova V.E.

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