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Thanks for your response. The total contract was for £6500. He paid part payment of £3000 for stock, ebay account and to have information on where to purchase products so he could takeover the business. He was to pay the remaining payment of £3500 when his profit margin hit a certain level. He personally inspected the stock in person and has had it in his being for six weeks. He is now saying it is defective and he wants his £3000 back. There is nothing wrong with this stock and as mentioned he walked away happy with it.
My business partner and I would like to end this contract with him as he does not seem like a honest person so agreed that on return of the stock and the ebay account to our business address we will refund him the £3000 payment however he is saying that payment must be made to him and only then will he return any stock which is obviously ludicrous. He is now saying he is getting in contact with his solicitor so my question was if it comes to it am I able to sue for breach of contract? There is no withdrawal clause and the contract was for £6500.
Thank you so much for your help. It is good to get clarification from someone so experienced.