[GT0132]

Originally Posted by psychobimbo

Disclaimer: I'm not a lawyer. But I do have training and experience in contract law.

You have (had) a contract. It may not be written, but a verbal agreement also makes a contract.

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Regarding verbal v written I thought that too. However a contract of sale in the automotive industry may have to be in writing as it is when buying a property. In that industry nothing is binding until the contract is signed by both parties regardless of what was promised verbally . Anyway good outcome for the OP. However I can see harm being done to car dealerships if this practice of refunding deposits was more widespread . Take for example 1,000 people placing $1,000 deposits for their new Mustang only to tell the dealer once the car had arrived they were no longer interested in following through with the purchase and wanted their deposit back.

I think there needs to be clear and strict rules in place regarding withdrawal and forfeiture and the consequences of backing out of a deal from both sides. Part of that would be some clarity on price and who bears the exchange rate risk.