various matters relating to the business are in order. For example, there may well be a warranty that the employee salaries are as detailed in the Schedule to the Contract.  The warranties should be given by the directors of the vendor, if the vendor is a company.  A further warranty may be that there have been no WorkCover claims in respect of any employee or that the financial accounts as annexed are true and correct.  There are numerous warranty issues and a good business lawyer will identify those issues for you on a case by case basis depending upon the particular business. Some Sale of Business Contracts provide for a three day cooling off period.  It is also possible for a purchaser to avoid a contract.  These circumstances include where the purchase price does not exceed $200,000 and the vendor has failed to provide a disclosure statement.  In this instance the purchaser may avoid the contract at any time prior to completion. You should be aware in acquiring a business to give careful consideration to all potential employment issues which may arise.  This includes, but is not limited to: statutory entitlements the terms and conditions of employment applicable industrial instruments termination of employment equal opportunity and occupational health and safety obligations. These issues should be discussed in detail with an experienced legal advisor prior to signing any Sale of Business Contract.  It is critical that a prospective purchaser is aware of the range of employment issues as there is various