Section 14-118 - Contracts for the sale of business opportunities.
§ 14-118. Contracts for the sale of business opportunities.
(a) Form.- Each contract for the sale of a business opportunity shall be in writing.
(b) Contents.- The contract shall include:
(1) the terms and conditions of payment;
(2) a full and detailed description of the acts or services that the seller agrees to perform for the buyer;
(3) the address of the seller's principal office;
(4) the name and address of the seller's resident agent; and
(5) the approximate date that the seller will deliver to the buyer any products, equipment, or supplies.
(c) Copy to buyer.- When a buyer signs a contract for the sale of a business opportunity, the seller shall give the buyer a copy of the contract.
[An. Code 1957, art. 56, § 411; 1992, ch. 4, § 2; ch. 26, § 4; 1996, ch. 517.]