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Are verbal contracts for vehicle purchases in Illinois binding?
Wiki User
∙ 13y ago
Verbal contracts are not binding on any tangible asset or real property. If this were the case, car salesmen would sue everyone who walked out the door and said they would be back tomorrow to buy.
Vehicles are tangible assets. Thus verbal agreements in this matter are not binding. In the sale of a vehicle, there is an exchange of money for the vehicle and title. That's it. The purchase is straight forward.
Wiki User
∙ 13y ago
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Will GAP insurance cover the full amount of a vehicle if the insurance coverage on a vehicle has lapsed and it is totaled?
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