Quote:
Originally Posted by bimmer213
This is a very good post.
Unfortunately, the terms on the listing states that they require a $1000-$5000 deposit within 24 hours of the auction ending. Also stating the entire transaction must be completed within 7 days of the auctions end.
The 24 hour window to send them a deposit is already over. And you're obviously not going to send them the full payment by the end of the 7 days. I don't know how these terms will actually hold up considering the circumstances.
|
I would love to hear what the practicing attorneys that previously commented in this thread would have to say about that.
It's been a few years since I was in my Business Law course, but I believe that when the dealership called Dooma 15 minutes after the auction stating they would not sell him the car they broke the contract at that moment. That would mean that Dooma doesn't need to worry about a down payment in 24hrs or even full payment in 7 days at this point as there is no contract in existence at the moment. The issue at hand is that the dealer backed out of the contract illegally and must reissue the same offer, at which point I believe the 24hrs/ full payment in 7 days conditions would come back into effect.