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Roger
Roger, Attorney
Category: Business Law
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At the end of the summer, Jeremy Atwater earned enough money

Customer Question

At the end of the summer, Jeremy Atwater earned enough money to put a down payment on a car. He decides to continue working part-time during school to earn money for the car payments. Jeremy purchased a car from Smooth Sales Used Cars. Smooth did not ask Jeremy how old he was; the salesman assumed he reached the age of majority. Jeremy paid the down payment and signed a contract stating that he would make payments of $200 each month. Six months later, Jeremy lost his job and could no longer make the payments. Jeremy took the car to Smooth and said he wanted to cancel the contract, and that he wanted his money back. What are the possible outcomes? Compare and contrast potential legal and equitable remedies.
Submitted: 3 years ago.
Category: Business Law
Expert:  Roger replied 3 years ago.

If Jeremy is a minor, the contract is void and unenforceable. Each party should be returned their property (Jeremy's money and Smooth's car).

 

If Jeremy was an adult, the contract is valid and enforceable. In this case, Smooth could accept the car back and let Jeremy walk away. Or, it could take the car back, sell it and seek the balance between what the sale brings and what Jeremy owes (called a deficiency judgment) from him.

Roger, Attorney
Category: Business Law
Satisfied Customers: 26157
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by West
Roger and 3 other Business Law Specialists are ready to help you
Customer: replied 3 years ago.
Okay what about comparing and contrasting equitable remedies and legal potential, thanks so much
Expert:  Roger replied 3 years ago.

Equity would be putting the parties back in the positions they were before the contract was entered into IF the contract is void.

 

Equity would also be selling the vehicle to generate money to pay off or pay down the loan if the contract is valid.

 

The legal remedy would be voiding the contract because minors can't enter into binding legal agreements/contracts if he was a minor.

 

The legal remedy would be seeking a deficiency judgment against Jeremy for the balance of the loan if the contract is valid.

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