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Am I legally bound to purchase a vehicle if I sign a bill of

 
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Customer Question

Am I legally bound to purchase a vehicle if I sign a bill of sale in the state of Indiana

 

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Country relating to Question: United States
State (if USA): Indiana

Already Tried:
I decided against purchasing the vehicle because of price

Submitted: 379 days ago.
Category: Legal
Value: $58
Status: CLOSED

Accepted Answer

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Expert:  Barrister replied379 days ago.

Hello,

If the buyer signed a bill of sale, in Indiana this would be considered a legally binding contract and would be enforceable by either party. If the buyer breaches the contract, the seller can sue for damages or "specific performance" which is where a judge orders the buyer to complete the transaction.
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The seller's other option would be to sell the vehicle at auction and then sue the buyer for any difference between the auction price and the contract price.
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Thanks.

Barrister

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Category: Legal
Pos. Feedback: 97.2 %
Accepts: 5525
Answered: 5/6/2012

Experience: 13 yrs practice, Realtor, Landlord 24+ yrs

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