Leicht and Culcasi, LLC v. Kissling & Co., Inc., PICS Case No. 17-1305 (C.P. Lawrence Aug. 14, 2017) Motto, P.J. (29 pages).
The seller of a business did not violate trade secret law or the parties' agreement when he sent letters about his return to his previous profession at the expiration of a noncompetition agreement. Buyer was entitled to a reduction in the balance due under the terms of the asset purchase agreement.
September 01, 2017 at 01:27 PM
3 minute read
Breach of Contract • Trade Secrets • Noncompetition Agreement • Unjust Enrichment
Leicht and Culcasi, LLC v. Kissling & Co., Inc., PICS Case No. 17-1305 (C.P. Lawrence Aug. 14, 2017) Motto, P.J. (29 pages).
The seller of a business did not violate trade secret law or the parties' agreement when he sent letters about his return to his previous profession at the expiration of a noncompetition agreement. Buyer was entitled to a reduction in the balance due under the terms of the asset purchase agreement.
This matter arose from the purchase of an accounting business. Plaintiff agreed to purchase the assets of defendant Timothy Kissling's accounting practice, known as Kissling & Associates. The sale included all data and records relating to the operation of the business, including customer lists, referral sources, production reports, and other intangible assets, all set forth specifically in the asset purchase agreement. The total purchase price was $510,240. The amount of $50,000 was payable immediately, with the remaining purchase price to be paid in monthly payments of $10,000 under the terms of a secured note. Plaintiff was also required to make three annual payments of $40,000.
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