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Im selling a 1999 BMW M3. Ive found a buyer and we signed a short, hand-written contract that basically states I will sell the car to him for a certain price, and that he put $1,000 down as a deposit. He will pay for the rest of the car once he gets the money.
Now Ive found another buyer who offered a higher price, and Id obviously like to sell it to him.
Can the first buyer take legal action against me if I return his deposit and sell to the new buyer?
Is it moral or ethical? Depends. Now if the other person does not fulfill their part of the contract then by all means go ahead but break the contract well that's your choice. One never knows what goes on in someone else's head. What if they were dead set about buying the car and you told them tough, what if they went off at you? You signed a contract so wait it out. Maybe he cannot get the funds but **** him off in this day and age and you could be asking for trouble.
Is it moral or ethical? Depends. Now if the other person does not fulfill their part of the contract then by all means go ahead but break the contract well that's your choice. One never knows what goes on in someone else's head. What if they were dead set about buying the car and you told them tough, what if they went off at you? You signed a contract so wait it out. Maybe he cannot get the funds but **** him off in this day and age and you could be asking for trouble.
A contract is a law binding deal that was made, you both agreed to the terms so I think he could sue you, why don't you offer his $1,000 back and throw in some extra money to see if he would go for that to get you out of the contract, a sort of early termination fee if you will because if he backed out I don't think you would want to give him all of the $1,000 back, you would want to keep some just for the hassle and the sell to other potential customers that was lost out on.
I would go to the contracted buyer and tell him the truth. See if he's wiilling to pay more BUT DO NOT break your deal with him if he chooses not to raise his offer. He has a contract with you and even if it doesn't go to court, you don't want a bad business deal hanging over your head.
If he doesn't raise his offer, offer him some $$$ (as said above) to walk away from the car. If the difference is $500, give him ~$150 to walk away. You get another $350 for your car, and everyone is happy.
Keep in mind that though you have a better offer, you don't have that money yet.
BUT UNDER NO circumstance should you screw the person with whom you've already contracted. Karma is a *****, and integrity is difficult to earn.
You dont care about morals or ethics??? Business is business?? Damn, I hope I dont ever have to do business with you! You're not, by chance, an unemployed mortgage broker, are you?
You dont care about morals or ethics??? Business is business?? Damn, I hope I dont ever have to do business with you! You're not, by chance, an unemployed mortgage broker, are you?
More money + immediate payment. You snooze you lose.
More money + immediate payment. You snooze you lose.
Point is, you shouldnt have made the deal in the first place, if you werent going to keep your word. Kinda sad that you'd sell your integrity for "More money + immediate payment".
Kind of like the couple who were selling their 2009 Honda. They went to meet the guy and they are now both dead. Hey go for it.
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