§ 14-118. Contracts for the sale of business opportunities

   (a) Form. -- Each contract for the sale of a business opportunity shall be in writing.

(b) Contents. -- The contract shall include:

   (1) the terms and conditions of payment;

   (2) a full and detailed description of the acts or services that the seller agrees to perform for the buyer;

   (3) the address of the seller's principal office;

   (4) the name and address of the seller's resident agent; and

   (5) the approximate date that the seller will deliver to the buyer any products, equipment, or supplies.

(c) Copy to buyer. -- When a buyer signs a contract for the sale of a business opportunity, the seller shall give the buyer a copy of the contract.

HISTORY: An. Code 1957, art. 56, § 411; 1992, ch. 4, § 2; ch. 26, § 4; 1996, ch. 517.