Trailer Sales

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

We sold a trailer back in April to a couple, they put $500 down on the trailer and asked us to hold it for them until the 1st weekend in May, we called them after that time and they still hadn't come up with the cash for the trailer and asked that we hold it another month for them and we did. When that time was up, we called them again and they still didn't have the money so they told us to go ahead and try to sell again. It is now the end of July and they called and want thier down payment back. Are we legally obligated to give them their money back? We sold the trailer but didn't get what they had bought it for out of it. We had other people interested in it at the time they put the money down on it so we told them it was sold.

Thank you

Confused

Did you have a written agreement?

No, we didn't have a contract, and nothing was said verbally about the deposit. We just assumed that they would be back to pick up the trailer, we didn't plan on sitting on it for 2 months.