If I received a deposit for a vehicle, is it refundable?

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If I received a deposit for a vehicle, is it refundable?

The buyer was to come the following day and pay off the vehicle, however they did not show up. Then, 30 days later, they came and demanded a refund. We both signed a piece of paper saying that he gave me the money but it doesn’t specify whether or not the deposit is refundable. Now I am being taken to court. How will this turn out? I don’t have the money anymore.

Asked on February 24, 2014 under Business Law, North Carolina

Answers:

Jon Welborn / Welborn Law Firm, PLLC

Answered 7 years ago | Contributor

if the agreement stated the buyer was to come the next day then and failed to do such and the monies received was called a retainer, then I think there is a strong argument the monies do not have to be returned

 


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