South Dakota Codified Laws 37-25A-14. Delivery of written disclosure document to purchaser required
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No person may offer or sell any business opportunity required to be registered under this chapter unless a written disclosure document as filed under § 37-25A-8 is delivered to each purchaser at least ten business days prior to the execution by a purchaser of any contract or agreement imposing a binding legal obligation on the purchaser or the payment by the purchaser of any consideration in connection with the offer or sale of the business opportunity.
Terms Used In South Dakota Codified Laws 37-25A-14
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- sell: includes every contract or agreement of sale, contract to sell, disposition of a business opportunity or interest in a business opportunity for value. See South Dakota Codified Laws 37-25A-1
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
Source: SL 1985, ch 305, § 14.