If I made a contract to purchase a vehicle butlater found that out that the insurance rates were too high, can I terminate it?

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If I made a contract to purchase a vehicle butlater found that out that the insurance rates were too high, can I terminate it?

Can I terminate the contract under this provision?” If neither party delivers written notice to other, then either party may terminate this contract and Buyer shall be refunded the deposit, there by releasing buyer and seller from all further obligations under this contract”.

Asked on September 8, 2011 under Business Law, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

It's impossible to say whether you can terminate or not based on the language you quote--a contractual term cannot be viewed in isolation or out of context. You should have an attorney review the entire agreement for you, if you are not sure of what it means.

That said, there is no general right to terminate a vehicle purchase agreement becaue you find that insurance (or some other cost) is too high; but if the contract itself allows termination without penalty under some circumstances, as long as those circumstances are met, you can terminate. You should therefore defintely consult with a lawyer, who can review the entire contract in context with you. Good luck.


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