0
Can you cancel a new car contract in California because they changed the interest rate and you did not give them any money and never took possession?
Wiki User
∙ 12y ago
A contract cannot be changed by one party without the agreement of the other party in the contract. So if you signed a contract showing one interest rate and the other party changed the interest rate after you signed the contract, then you should be able to get out of it. If you signed the contract with the changed interest rate, you, in essence, were indicating the interest rate was acceptable. In this case you may be stuck unless you can reach an agreement with the general manager at the dealership. Below are the requirements of a valid contract that might be of interest.Regards, Carole
Here are the REQUIREMENTS OF A VALID CONTRACT
For a contract to be valid, both parties must give their assent. They must act in such a way that the other people involved believe their intention is to make a contract. Thus a person who is clearly not sincere in saying that he or she accepts an offer usually is not held to a contract by the courts.
On the other hand, a person who secretly has no intention of making a contract but who acts in a manner that leads people to believe he or she had, may be held to a contract. Legally, it is the external appearance that determines whether one is held to a contract
Consideration A contract results from a bargain. This implies that each party to thecontract gives up something, or promises to, in exchange for something given up or promised by the other party. This is called consideration. In the example given above, the consideration on one side is the promise to pay $1,000, and on the other, the promise to deliver a car.
With rare exceptions, a promise by one party, without some form ofconsideration being extended by the other party, does not result in a contract or other enforceable obligation, regardless of the sincerity of the promise. Although each party must extend consideration to the other in order to form a contract, the value of the consideration need not be equal.
Determining how good a bargain is becomes the responsibility of theparties involved. Otherwise, the courts would be in the impossibleposition of having to appraise the relative value of millions of promises made every year
Competence For a contract to be enforceable it must be between competent parties. A contract with a person who has been adjudicated insane is likely to be declared void. A contract involving a minor--in most states of the UnitedStates a minor is now a person under 18--may be enforced or voided by the minor, unless the contract is for necessities such as food, lodging, or medical services, in which case he or she may be held responsible for thereasonable value of what was purchased.
Persons suffering from a disability such as intoxication from drugs or liquor, or insane persons not adjudicated insane, usually may void a contract if the other party knows or should have known of the disability and if the consideration received is returnable
Legality The last requirement of a valid contract is that its provisions be legal. If a purported contract requires an illegal act, the result is a void contract. Parties to an illegal contract have no standing in court. If one party receives money or property under an illegal contract, the other maynot sue to recover what was paid under the contract. Not only arecontracts requiring criminal acts illegal, so are contracts requiringcommission of a TORT (a breach of civil law such as misrepresentation or trespass) or those in breach of public policy. Although public policy is difficult to define, it includes some serious breaches of conventional morality or ethics.
It is commonly assumed that an enforceable contract must be in writing. This is usually untrue. Most oral contracts are enforceable, but written contracts are easier to prove.
Some types of contracts must be in writing, for example, contracts forthe purchase or sale of any interest in real property, contracts to pay debts of others, and contracts that require more than a year to perform. Contracts for the sale of personal property--that is, movable property--asdistinguished from land, at a price above a specified sum set by law must be in writing unless payment or delivery has been made or unless the goods were specially manufactured.
Although only a few types of contracts must be in writing, the terms of a written contract ordinarily may not be contradicted in court by oral testimony.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What is the statute of limitations in California for real estate contracts?
California has set a statute of limitations on a written contract of 4 years. For an open account in writing it is contract it is also 4, 2 if it is an oral agreement. And be aware that the state law that applies could be different based on the actual contract language.
What is reliance interest and expectation interest?
Reliance interest is the losses which the innocent party has sustained as a consequence of relying on the wrongdoer's promise. The plaintiff is put back in the pre-contract position, that is, before they sustained losses. This remedy for breach is only used when it is impossible to prove or quantify the expectation interest. Expectation interest is where the court grants the innocent party the amount that they would have gained if the contract had not been breached by the wrongdoer. This is the standard remedy for breach of a contract because it includes restitution and reliance.
What are the contract rate and the market rate for bonds?
Contract rate is known as a coupon rate (because older securities actually had coupons that were clipped and sent to paying banks for periodic interest). It is the fixed rate of interest for which a particular bond was issued. Market rate is actually known as yield (prevailing interest rate for new bonds) and yields change with prevailing interest rates. Yields are closely aligned with prevailing interest rates.
What are the characteristics of an insurable risk?
The essence of an insurable risk is essentially one in which the person or entity insured has an "insurable interest". This means, that the insured must have a reasonable expectation of advantage, usually monetary, from the continued existence of the property or life insured. It need not be an ownership interest. For example, a spouse who did not have an ownership interest in her husband's car, but who had the right to use the car, would have a sufficient insurable interest in it to support a contract of insurance. The lack of an insurable interest makes an insurance contract essentially a gambling contract--because the person taking out the insurance really has nothing to lose if the property insured is destroyed.
Can a spouse take a home equity loan in one spouse's name?
A mortgage must be signed by all the owners of the property because if the mortgage isn't paid the lender must be able to take possession of the property by foreclosure. If only one person signed the lender can only take that person's interest and not the interest of the co-owner who didn't sign the mortgage.A mortgage must be signed by all the owners of the property because if the mortgage isn't paid the lender must be able to take possession of the property by foreclosure. If only one person signed the lender can only take that person's interest and not the interest of the co-owner who didn't sign the mortgage.A mortgage must be signed by all the owners of the property because if the mortgage isn't paid the lender must be able to take possession of the property by foreclosure. If only one person signed the lender can only take that person's interest and not the interest of the co-owner who didn't sign the mortgage.A mortgage must be signed by all the owners of the property because if the mortgage isn't paid the lender must be able to take possession of the property by foreclosure. If only one person signed the lender can only take that person's interest and not the interest of the co-owner who didn't sign the mortgage.
In Oklahoma is a 99 year old lease treated as real property or personal property?
Real property is the land and anything attached to it. A lease is a contract that gives the lessee the right to the use and possession of real property for a certain time period. The lessee cannot convey the land because it doesn't own it in fee. A lease is less than a fee interest and is treated as personal property.
In Oregon is a as- is contract breached if the dealer pay for repairs on a used car after the contract is signed by both parties and buyer has taken possession?
If the selling dealer pays for some repairs on a car you bought "AS IS" then count yourself lucky that the dealer went above and beyond what he legally was required to do. If you are trying to get out of the contract on this technicality then you did not deserve the fair treatment the seller gave you. No court would ever void the contract because the seller helped you when he did not have to.
Where can I refinance in California?
You can go to any bank or mortgage company. However, I would ask about their interest rates also, you want to make sure it is a fixed rate not a a balloon because then your interest rate can fluctuate.
What is the highest interest rate for personal loans allowed in California law?
I am trying to find the answer to this question because I am getting charged over 90% interest by cash call, and I don't think this is at all legal!!!
Who finished the crusades?
At the close of the 13th century, the crusades came to an end. Emperor Fredrick the Second claimed Jerusalem for a short time through a treaty, but the Holy City quickly fell back under Moslem possession. The crusades ended because most fighter lost interest in the battle and gained more interest in their lives at home.
Can an insurance agency have financial interest in mortgage company?
Usually yes because an insurance agency does not issue the insurance, it sells or brokers an insurance contract that is issued by an insurance. However some insurances do not like it when there is a controlling interest in a mortgage company. It all depends.
Is it illegal to spend money someone sends you for a specific purpose on something else?
It depends, because technically you have made a contract with somebody to do something, but I don't think it would hold up in court. Overall its probably okay to spend it on something else because its money that is in your possession.
