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SVTPerformance's Chain of Restaurants
Donut Shop
Private vehicle sale question
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<blockquote data-quote="tunedin302" data-source="post: 5120666" data-attributes="member: 25717"><p>Blacktalon - I am an attorney in PA and NJ. Essentially, you have done what is called an "option contract" whereby the guy who gave you deposit money had two weeks to perform (purchase the vehicle). Since he did not perform during that time then you have no obligation to him. Furthermore, the money put down for the option is usually forfeited if the person fails to perform during the option period. In other words, the $1000 was the cost to hold it for 2 weeks and turn away other buyers. If this was not in writing then it is likely not worth pursuing. Lastly, most states have what is called the statute of frauds where any sale of a good over $500 is required to be in writing. </p><p></p><p>In summary: it seems you have no obligation to him, refund him the $1000 or other sum that you can justify and sell to another able and willing buyer.</p></blockquote><p></p>
[QUOTE="tunedin302, post: 5120666, member: 25717"] Blacktalon - I am an attorney in PA and NJ. Essentially, you have done what is called an "option contract" whereby the guy who gave you deposit money had two weeks to perform (purchase the vehicle). Since he did not perform during that time then you have no obligation to him. Furthermore, the money put down for the option is usually forfeited if the person fails to perform during the option period. In other words, the $1000 was the cost to hold it for 2 weeks and turn away other buyers. If this was not in writing then it is likely not worth pursuing. Lastly, most states have what is called the statute of frauds where any sale of a good over $500 is required to be in writing. In summary: it seems you have no obligation to him, refund him the $1000 or other sum that you can justify and sell to another able and willing buyer. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Donut Shop
Private vehicle sale question
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