QUESTION
Is a signed contract without deposit binding in Florida ?
Asked on Mar 19th, 2015 on Contracts - Florida
More details to this question:
We signed agreement to buy a boat. Paragraph 3 states that contract annuls if not signed by both parties by its acceptance date. Both parties signed before that date. Next in the same paragraph it says Deposit should be transferred 3 business days after seller signs the contract. Deposit was not transferred. Seller says the contract is cancelled. Is it ?
1 ANSWER
It would be clearer if the contract explicitly provided that the failure to pay the deposit on time would give the seller the right to terminate, but I would view the failure to pay the deposit as a material breach which gives the non-breaching party the right to rescind the contract.
Answered on Mar 19th, 2015 at 11:33 AM