My question involves business law in the state of: California.
I entered into a business with four others a year back. I worked there as the only full time worker. However, my salary was kept within the business in the form of stock. What ended up happening was that the rest of them said they were "giving up" on the company and wanted to sell it to one owner at a very low price (for only the price of the equipment). I was initially very disappointed and was willing to buy the company at that low price point (half of initial investment). They offer this deal to me with a very short window. It turns out that they thought that I would not consider buying it, which would allow them to continue the business with me taking a heavy loss. After I took them up on their offer, one of them was very mad and outright rejected the offer that they had given me the previous day. He then demanded that he be paid more (at the original price of his investment) or he would buy out my shares without paying for portion of stock earned as my annual salary. The pressure from the rest of them led to me signing a contract that says that I would buy the company at a higher price than what we initially agreed on. I realize that this is a mistake but this was all decided during a meeting where I could not consult my family or friends. However, my mortgage situation prevents me from making the payments and going forward with the business. Furthermore, they are threatening that I sell my shares (with no salary) or they will go to court over this contract.
TLDR: I was just wondering how much this contract holds up since I feel like it was one that was "signed under duress".
I entered into a business with four others a year back. I worked there as the only full time worker. However, my salary was kept within the business in the form of stock. What ended up happening was that the rest of them said they were "giving up" on the company and wanted to sell it to one owner at a very low price (for only the price of the equipment). I was initially very disappointed and was willing to buy the company at that low price point (half of initial investment). They offer this deal to me with a very short window. It turns out that they thought that I would not consider buying it, which would allow them to continue the business with me taking a heavy loss. After I took them up on their offer, one of them was very mad and outright rejected the offer that they had given me the previous day. He then demanded that he be paid more (at the original price of his investment) or he would buy out my shares without paying for portion of stock earned as my annual salary. The pressure from the rest of them led to me signing a contract that says that I would buy the company at a higher price than what we initially agreed on. I realize that this is a mistake but this was all decided during a meeting where I could not consult my family or friends. However, my mortgage situation prevents me from making the payments and going forward with the business. Furthermore, they are threatening that I sell my shares (with no salary) or they will go to court over this contract.
TLDR: I was just wondering how much this contract holds up since I feel like it was one that was "signed under duress".
Contract Law: How Binding is a Contract if It Was Signed Under Duress
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