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lwpat
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25386
Experience:  Attorney with over 35 years of business experience.
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I signed to purchase a spa and deposited 25% as downpayment

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I signed to purchase a spa and deposited 25% as downpayment as required. The contract stipulated as follows..."All sales are final, No refunds, no exchanges, no cancellations....all balances must be paid in full prior to delivery."
When the economy collapsed last year, I changed my mind and wanted to keep my money instead. I have not made any further payment since then.
I want to cancel this purchase but would like to know what are the legal ramifications in light of the NO CANCELLATION provision in the contract.
I am willing to forego my deposit if the company is willing not to seek any further action to force me to buy the unit.
Thank you very much for your help.
Submitted: 7 years ago.
Category: Business Law
Expert:  lwpat replied 7 years ago.
That is what you need to do. Write them a letter stating that you cannot afford to continue with the purchase and that you want them to waive any deficiency in return for surrendering your deposit. However they can still come after you for the difference in small claims court if they want. You signed the contract and you are bound by that contract.
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Customer: replied 7 years ago.
What is the statue of limitation for this kind of contracts? .... meaning that if I don't hear from them after sending my letter, I would still be liable.
Thanks....
Expert:  lwpat replied 7 years ago.
If they are going to sue you it will probably be fairly quickly. The statute of limitations is 6 years on a written contract. I can't predict what they will do. Hopefully they will simply keep your deposit. Good luck.
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