We just signed a contract last night. The purchase is a new "Blue Water Mirage" Around $32,000.00. We are questioning if the passanger load. Can we get out of this deal if we have not taken possession of the boat. Delivery is set for Friday. Please advise. We are not ones that usually "jump in". We acted on emotions......Dumb I know!
2007-08-14 03:02:52 · 3 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
I'm not an attorney, so my answer is anecdotal.
Most likely, the contract is binding. If both signers were adults, "sane", and the promise to provide something at a fair price was agreed upon then you have a meeting of the minds, and a contract.
There are some legal loopholes that you may be able to use. See the link below
2007-08-14 03:18:33 · answer #1 · answered by Jay Hamilton-Roth 4 · 0⤊ 0⤋
Are you questioning 'if the passenger load' or are you questioning whether you really want to spend 'around $32,000.00' on a boat?
If it's the first, then maybe the passenger load is fine, or you can change the contract to a different boat. The seller doesn't *have* to accommodate that, but he can, out of the goodness of his heart.
If you really just want to back out of the contract entirely (which I am guessing is the case) then you will have to really really rely on the goodness of his heart. You should probably offer to pay a penalty, in the way of coronary assistance. I'd say at least 5% of the purchase price. After all, he would be giving up a sale - what would you be giving up? He may appreciate you sharing some of the pain.
2007-08-14 10:13:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you signed the contract, you are legally bound unless there's something in the contract that says you can back out within xxxxx time.
If you put down a deposit, you'd probably lose it if you back out. The seller could sue you to complete the purchase, but probably wouldn't.
2007-08-14 10:24:13 · answer #3 · answered by Judy 7 · 0⤊ 0⤋