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Furthermore, contrary to popular belief, if you sign a contract and put down a deposit for something, that doesn't give you the right to walk away from the full
by srgseg 16y ago
Furthermore, contrary to popular belief, if you sign a contract and put down a deposit for something, that doesn't give you the right to walk away from the full purchase in exchange for forfeiting your deposit.
This was discovered the hard way by people putting down deposits for to-be-built houses, who thought they could simply walk away from the full purchase if the value of the house fell between the time they put down the deposit and the time the completion was due.
- billswift 16y agoThat depends entirely on how the contract was written, some you can walk away from and some you can't.
- srgseg 16y agoSure, I'm just pointing out that unless explicitly added to a contract, the default situation is that forfeiting the deposit does not allow you to walk away. So in a simple agreement where you agree to do $10,000 worth of work for someone, and ask for a $2,000 deposit, the client is not allowed to just pay $2,000 and walk away even if you haven't done a single minute's worth of work on the project yet.