Brandt v. Patience

On October 23, 2003, the plaintiff, Cynthia Brandt (“Brandt”), entered into an agreement with the defendant, Monika Patience (“Patience”), to purchase the accounting practice that Patience had been operating. The parties executed an Asset Purchase Agreement (“purchase agreement”) for the sale of the practice that, among other provisions, stated that in the event of any dispute concerning the sale, the matter would first be submitted to mediation and then to binding arbitration. The purchase agreement also contained a provision that in the event of litigation between the parties, the…