On Saturday, I signed a bill of sale to sell a machine of mine. On Sunday, I called they buyer to let him know that I needed to cancel. No money was exchanged. Am I still obligated to sale the machine?
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Read More Answered By: Bryan Whipple |
The provisions of the Commercial Code will apply. Whether the buyer's remedy for your breach of the sale agreement will be for money damages, specific performance of the contract, or for replevin (physical delivery of possession of property sold and owned by him) will depend upon factors going beyond the information given. Such factors include the wording of the bill of sale, whether the buyer tenders the purchase price, and the purpose for which the machine was bought. See Commercial Code sections 2401, 2502, and particularly 2711-2716 re buyer's rights upon seller's breach, non-delivery or repudiation. of course, not all failed deals result in one party or the other demanding their full measure of relief in court. Maybe the buyer will agree to cancel the deal, or accept some smaller token of compensation without going to court. |
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