§ 59.1-267

Contracts required to be in writing; contents

A. Every business opportunity sales contract shall be in writing and a copy shall be given to the purchaser at the time he signs the contract.

B. Every contract for the sale of a business opportunity shall include the following:

1. The terms and conditions of payment;

2. A full and detailed description of the acts or services that the business opportunity seller undertakes to perform for the purchaser;

3. The seller’s principal business address and the name and address of its agent in the Commonwealth of Virginia authorized to receive service of process;

4. A full and detailed description of any product, products, equipment or supplies the business opportunity seller is to deliver to the purchaser;

5. The approximate delivery date of any product, products, equipment, or supplies the business opportunity seller is to deliver to the purchaser.

History

1979, c. 523.

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