Indiana Code 24-5-8-16. Voiding contracts
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Sec. 16. (a) If a seller:
(2) fails to deliver the goods or services necessary to begin substantial operation of the business within forty-five (45) days of the delivery date stated in the contract; or
(1) uses any untrue, misleading, or deceptive statements in a business opportunity transaction;
Terms Used In Indiana Code 24-5-8-16
- Business opportunity: means an investment that:
Indiana Code 24-5-8-1
- Contract: means any agreement relating to a business opportunity. See Indiana Code 24-5-8-1
- Contract: A legal written agreement that becomes binding when signed.
- Goods: means any merchandise, equipment, product, supply, or material. See Indiana Code 24-5-8-1
- Investor: means a person who is solicited to become obligated or does become obligated on a contract. See Indiana Code 24-5-8-1
- Seller: means a person, or his agent, who sells or leases or offers to sell or lease a business opportunity. See Indiana Code 24-5-8-1
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) fails to comply with section 6 of this chapter;
the investor may void the contract within one (1) year of the date of the contract by giving written notice to the seller and is entitled to a return from the seller of all consideration paid to the seller.
(b) Upon receipt by the investor of the consideration paid to the seller, the investor shall make available to the seller, at a reasonable time and place, the goods received by the investor. However, the investor is not entitled to unjust enrichment by exercising the rights provided by this section.
As added by P.L.134-1984, SEC.1.