Construction & Contractors/Contracts
I realize you are in the construction business, but was hoping you could she some light on binding contracts since you must deal with them in your line of business.
Our contract deals with a Seller breaching a Purchase Agreement for selling a house on contract. The house was advertised in the local paper, and we met the Seller, looked at the house, and decided we wanted it. We signed a Purchase Agreement and had two weeks to acquire the down-payment after we paid the earnest money. Then a call saying that something came up, and he was selling the house to someone else. He did return our money, but we had a contract to buy the house. Can he do this legally? Is there anything we can do? We would appreciate any thoughts you might have on this matter.
This is really a question for a lawyer. From what I know if you made and offer and there is a written or witnessed acceptance of that offer you have a contract. The only way to void that contract is to invalidate it by agreement or one of the parties has to violate the terms of the agreement. Practically though, if you are going to hire a lawyer and follow up on this how much are you willing to spend and what will the benefit to you be? If the guy has deep pockets and clearly caused you provable damage then is may be worth it to pursue a breach of contract suit. More likely you will spend much more money than you are likely to receive via settlement so just move on.