QUESTION
I would like to cancel the sale and keep the boat, can I cancel the sale?
Asked on Jan 21st, 2013 on Estate Planning - Michigan
More details to this question:
I have entered into a sale agreement with a buyer for my boat, I have a 10 % deposit check that I am holding, however it has not been deposited.
7 ANSWERS
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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It depends on what your agreement with the buyer said. Likely the buyer won't want you to cancel. If you cancel and give him his money back he may (if he's serious about your boat and no other will do) sue you for specific performance of the contract. That could be quite costly and you could end up paying for it.
Answered on Jan 23rd, 2013 at 3:20 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It depends on what your contract says. If you have no written contract, there may be problems. If you DO have a written contract, the contract will provide for what happens if there is a breach of contract.
Answered on Jan 23rd, 2013 at 1:19 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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You may certainly attempt to return the deposit check and resend the sale. However if the buyer insists he would have a right to enforce the contract.
Answered on Jan 23rd, 2013 at 1:18 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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If you signed a binding contract, you can expect to be sued if you breach it.
Answered on Jan 23rd, 2013 at 1:16 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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If there is a valid contract he may sue you for breach of contract.
Answered on Jan 23rd, 2013 at 1:15 AM
As you have a check from the purchaser, a contract has been established for the sale of the boat. You can back out and return the check but the buyer would have the option of petitioning the court to enforce the sale.
Answered on Jan 23rd, 2013 at 1:13 AM
Business Law Attorney serving Livonia, MI
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Gerald A. Bagazinski
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Generally no but it depends. Do you have a contract in writing? Have you contacted the buyer and offered to return the deposit. I would recommend the assistance of legal counsel in this matter.
Answered on Jan 23rd, 2013 at 1:09 AM