The Editor, THE BROOKLANDS GAZETTE. DEAR SIR,
THE LEGALITY Or DEPOSITS.
Will you please advise me on the following point.
I intended to purchase a car from a firm of dealers, and paid a sum down as a “deposit.” Can this deposit be regarded as an “obligation to buy,” or is it merely an “option to buy ” ? Yours faithfully,
Luton. J. L. BRACKNELL. [In most cases the deposit is regarded as an option to buy, and in the event of a customer changing his mind the sum paid is forfeited. If, on the other hand, the money is paid as a ” sum on account,” and the purchase is not completed, the dealer has the right to sell the car, and if forced to take a lower price by reason of delay, a falling market, or such considerations, he may sue the original buyer for any difference representing the loss on the transaction. The latter course, however, is seldom resorted to among reputable motor dealers.—ErniroR.]
The Editor, THE BROOKLANDS GAZETTE. DEAR SIR, I should like to congratulate you upon THE BROOKLANDS GAZETTE. I feel sure that it supplies a
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