Boat Purchase Contract

[jnetmarket]

What is the name of your state (only U.S. law)? MD

In June 2007 I entered in to a contract with a deposit of 20% to purchase a boat from a dealer in Annapolis, MD. There was no disclaimer in case of default nor did the contract say the deposit was non refundable. When the balance of the purchase price of the boat was due in November 2007. I was unable to pay the rest of the money. The boat was sold two months later at a boat show for more then the amount of the contract. The dealer took in a trade-in boat to sell the boat.
Am I responisible for any costs assoicated with the trade-in?
Can I get my full deposit refunded if the dealer had no more expenses then the additional moneys made above my orginal contract?
Can the dealer have a wind-fall profit of my 20% deposit?
How long after the orginial contract or default can I file suit?

Please advise
Thank you

 

[Zigner]

What is the name of your state (only U.S. law)? MD

In June 2006 I entered in to a contract with a deposit of 20% to purchase a boat from a dealer in Annapolis, MD. There was no disclaimer in case of default nor did the contract say the deposit was non refundable. When the balance of the purchase price of the boat was due in November 2006. I was unable to pay the rest of the money. The boat was sold two months later at a boat show for more then the amount of the contract. The dealer took in a trade-in boat to sell the boat.
Am I responisible for any costs assoicated with the trade-in?
Can I get my full deposit refunded if the dealer had no more expenses then the additional moneys made above my orginal contract?
Can the dealer have a wind-fall profit of my 20% deposit?
How long after the orginial contract or default can I file suit?

Please advise
Thank you

You had 3 years. You are beyond that.

 

[jnetmarket]

Wrong Date Please Review

June 2007 and Nov. 2007

 

[tranquility]

While one can only sue for benefit of the bargain damages in a contract, the person must mitigate. The dealer did by selling the boat at a price greater than the contract. If the boat was unique or used being sold on consignment or something, I think they have no damages and would lose if you sue for return of the deposit.

However, when you use the term "dealer" a problem arises. A dealer has more than one boat on the lot, perhaps those boats are quite similar to the one which was actually sold. Who is to say they would not have sold the or a boat for that price anyway? Dealers have the right to the benefit of the bargain even if there is mitigation.

The facts of what happened here are very important. Odds are they are not going to return the deposit unless you demand they do. I suggest an attorney to review the facts and to send the letter as this is going to be a subtle factual issue.