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A friend paid for a car that is titled in my name. After the…

A friend paid for...

A friend paid for a car that is titled in my name. After the transaction, he asked me to sign a document that gave him the right to take the car back for any reason. is this document legal and hold president that I hold legal title to the car??

Lawyer's Assistant: What state is this in? And how old is the car?

Virginia

Lawyer's Assistant: Has anything been filed or reported?

No,, just simple signature between the two of us

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Other than he is now wanting to exercise his take back option without allowing me to either purchase the car or time for me to get another vehicle. I also gave up my car as a trade in to purchase the new car/.

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Answered in 5 minutes by:
12/28/2017
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 11,244
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Thanks very much for your patience. The answer to your question is yes. A valid contract requires that both parties assent to the material terms of an agreement. In your case, if he asked you to sign a document that gave him the right to repossess a vehicle as a result of his payment for the car, then you are bound to that agreement. One thing to keep in mind is that parties are required to work in good faith with one another. This means that if you can work out something meaningful to allow you to keep the car, then he would be considered in breach of contract. What other questions did you have for me today?

Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 11,244
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Customer reply replied 4 months ago
this agreement hold president even though I was after the fact that he wanted to buy me a new car? I gave up a perfectly good car under his insistence that he wanted me to have a new car. I traded in my car to purchase this car and now have no recourse??? He says he wants the car and doesn't want to sell it to me. Also the agreement was after the fact and I had no recourse because I had given up my car to the trade in.
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Customer reply replied 4 months ago
I was hoping for a brief of my conversation with the attrny.

I'm sorry for the delay. I do not have reason to believe that this is an enforceable provision of your agreement. The doctrine of unconscionability says that if something is so one-sided, then it is unconscionable generally. Moreover, based on what you provided, there is reason to believe that this was a gift because you did not provide any consideration to your friend in exchange for him purchasing the vehicle.

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Customer reply replied 4 months ago
Thank you

You bet!

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