Virginia Code 59.1-267: Contracts required to be in writing; contents
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 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.