- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 66. Sale of Business Opportunities
- Section 90. Written Contract Required.
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AS 45.66.090. Written Contract Required.
- (a) In addition to the other requirements of this chapter, a person may not contract to sell a business opportunity unless
the contract is in writing and the seller gives a copy of the contract to the buyer when the buyer signs the contract.
- (b) The department shall establish by regulation the content and format of the information that must be contained in the
contract. At a minimum, the contract must contain
- (1) the payment terms, including any escrow account required under AS 45.66.100;
- (2) the name, address, and telephone number of the seller, the seller's agent, and each supplier of products, equipment,
or supplies that the seller is to deliver to the buyer;
- (3) a statement of the form of the seller's business organization;
- (4) a description of services, including any training services, that the seller is to provide to the buyer;
- (5) the delivery date of the product, equipment, or supplies being sold or leased;
- (6) if the seller has represented that there is a buy-back agreement for the business opportunity or that payments are
protected or secured, a complete description of those provisions;
- (7) a statement of the buyer's right to cancel, the circumstances under which cancellation is authorized, and the
procedure for cancellation and refunds; and
- (8) any other terms that the department determines are necessary to protect the public interest.
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