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.

Terms Used In Virginia Code 59.1-267

  • Contract: A legal written agreement that becomes binding when signed.
  • in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
  • Service of process: The service of writs or summonses to the appropriate party.

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.

1979, c. 523.