South Carolina Code 39-57-70. Business opportunity contracts to be in writing; terms to be included
Current as of: 2023 | Check for updates
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(a) Every business opportunity contract shall be in writing and a copy shall be given to the purchaser at the time he signs the contract.
(b) Every contract for a business opportunity shall include the following:
Terms Used In South Carolina Code 39-57-70
- business opportunity: means the sale or lease of any products, equipment, supplies, or services which are sold to the purchaser for the purpose of enabling the purchaser to start a business, for which the purchaser is required to pay the seller a fee which exceeds two hundred fifty dollars, and in which the seller represents:
(1) that he will provide locations or assist the purchaser in finding locations for the use or operation of vending machines, racks, display cases or other similar devices, or currency-operated amusement machines or devices, on premises neither owned nor leased by the purchaser or seller; or
(2) that he will purchase any or all products made, produced, fabricated, grown, bred, or modified by the purchaser using in whole or in part, the supplies, services, or chattels sold to the purchaser; or
(3) that he guarantees that the purchaser will derive income from the business opportunity which exceeds the price paid for the business opportunity; or that he will refund all or part of the price paid for the business opportunity, or repurchase any of the products, equipment, supplies, or chattels supplied by the seller, if the purchaser is unsatisfied with the business opportunity; or
(4) the seller will provide a sales program or marketing program which will enable the purchaser to derive income from the business opportunity which exceeds the price paid for the business opportunity; provided, that this subsection does not apply to the sale or a marketing program made in conjunction with the licensing of a registered trademark or service mark. See South Carolina Code 39-57-20 - Contract: A legal written agreement that becomes binding when signed.
- Service of process: The service of writs or summonses to the appropriate party.
(1) The terms and conditions of payment;
(2) A detailed description of the 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 State authorized to receive service of process;
(4) The approximate delivery date of any product, equipment or supplies the business opportunity seller is to deliver to the purchaser.