If a deposit was received without a signed contract, can the deposit be kept if the client is now trying to back out of their agreement or do I have the right to keep their deposit as it was given in a verbal agreement?
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Read More Answered By: Robert Sher |
If this was a real estate purchase/sale, there is no valid contract unless in writing--therefore you could not keep the deposit. If was not for real estate, in order to keep it you would have to show that you had an oral agreement that contained all the elements of a contract, including specific terms, and that you at least partly performed under the terms, thereby entitling you to compensation, or that you otherwise relied on the deal to your detriment. For example, you agreed to sell something and someone else would have bought it at the same time or thereafter, but you had to turn the second offer down in reliance on the deal you thought you had made. Now you can't find a buyer. This would entitle you to damages, but not necessarily to keep the deposit. |
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