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The Seller and I have signed a Letter of Intent to purchase a restaurant.

1 Answers. Asked on Jul 26th, 2017 on Business Law - Utah
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I then sent my list of due diligence items to the business broker to pass on to the Seller, but now the business broker says that I need to complete a purchase contract before the due diligence has been done. My understanding was that after signing the letter of intent, that due diligence was to be completed. They do say that they can include a statement in the purchase contract to give a period of time for the due diligence to be done. However, what was the Letter of Intent for. Isn't the Letter of Intent a legal document (signed by both Buyer and Seller)? What they want doesn't make sense to me.
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Answered on Aug 08th, 2017 at 2:10 PM

It can be done either way.  Your way is more common.

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Business Law
Beginning on the day a new business is launched, it will encounter a host of legal issues. From selecting the optimal business structure to negotiating contracts, from ensuring that the company's name doesn't infringe on another business's intellectual property to hiring new employers--almost everything that small business owners do touches on some aspect of business law. As a company owner or manager, your focus should be on successfully running and building a business. A law firm that focuses on business law will have attorneys who have a broad cross-section of experience on the myriad legal issues that affect all businesses, large and small.
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