Question: How should a company proceed if the other party in an asset purchase agreement fails to adhere to a revised payment plan agreed upon through informal communication channels like WhatsApp, especially when the original agreement includes a binding arbitration clause and specifies a particular state's law for jurisdiction?
Answer: In a case involving a breach of a payment agreement, it is possible that communication and agreement of terms over informal communication channels may be considered binding if they specify terms of a payment plan. If the other party fails to adhere to this agreed payment schedule, it is potentially possible to proceed with legal action. The first step would be to issue a notice of breach according to the original contract's provisions. It is likely that the arbitration and choice of jursidiciton will hold. An attorney may be able to assist with a document review (including the original contract and term agreements) and suggest next steps.
Please note:This response is for general informational purposes only and should not be considered legal advice. For advice specific to your situation, consult a qualified attorney. We recommend consulting with a qualified attorney to address your specific legal concerns. The forum, its administrators, and contributors assume no responsibility for actions taken based on the information provided here. Laws and regulations are subject to change and may vary by location.
Related definitions:
Attorney Elizabeth Jennings