Legal Question in Business Law in North Carolina

If you put down a $1000.00 deposit to hold a vehicle & then decide not to buy it, how much is the deposit holder allowed to keep?


Asked on 4/22/11, 8:29 am

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

As a Franchise Attorney I believe the answer depends on how the parties agreed on the nature of the deposit. For example, is the deposit identified as being nonrefundable or refundable? If refundable, is it in whole or in part? Consult with a good copyright or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

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Answered on 4/24/11, 7:57 am


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