A convertible note is a contract and therefore cannot be “cancelled” unilaterally so it’s helpful that the investor is also willing to walk away. The ramifications of using a boilerplate contract found online can have drastic effects though. It’s certainly in your best interest to have an attorney custom draft an agreement that hits all the necessary points to ensure all liability and tax implications are taken care of.
We can help you with that at. Our legal platform makes it easy for companies to garner the legal advice they need at a fraction of what they’re used to paying with big law firms. Good luck!