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VIC Legal standing on bike purchase

Discussion in 'Politics, Laws, Government & Insurance' at netrider.net.au started by cazzo, Mar 23, 2015.

  1. I made an offer on a bike a couple days ago. The seller accepted my offer and I offered to put a deposit down to show I'm serious.
    He procrastinated and sold the bike this morning for a few extra dollars.

    He is now claiming he only accepted in principal and that I low balled him, yet he accepted via text message.

    Is there any recourse considering it's a private sale and no money exchanged hands?

    Story as below:

    Who here knows Duncan Gordon of Equity Partners Adelaide or AEP Racing, tipping some of you SA guys would know him?
    What a piece of shit he is! I made an offer Friday night just gone to purchase a bike from him. He replied via text Saturday that he would accept my offer and asked for an email so he could send through details.
    I heard nothing from him even after sending him a reminder. This morning I get a message from the coward that he sold the bike for a better offer, $2,000 more.
    We're talking a $22,000 bike not a $5,000 so big picture, not a whole lot more.

    I called him and asked WTF was going on, he said we only had a deal in principal and I hadn't made a holding deposit. That's about when I lost my shit.
    He then has the audacity to call me back and offers me $1,000 to smooth it over, I told him to shove it.



    Duncan claimed he sold the bike on Sunday. From a little investigating, he was at the Ducati dealer in Adelaide where it was being stored this morning. Apparently he was there showing the bike to someone this morning and it's now gone. Even though he told it me had taken a deposit and it was still located at the shop.
     
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  2. take the $
    and don't deal with him again
     
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    • Agree Agree x 5
  3. Save yourself a lot of stress, take the money he offered and walk away.

    Not worth the effort, there is no better possible outcome since the bike is gone.
     
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  4. I understand your anger but is it worth investing more energy in this? If so, what is the goal?
     
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  5. Like hell I'll take a cent off him!

    I'm extremely peeved to say the least. I want the bike he agreed to sell me, I'm actually not convinced the bike is sold.
     
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  6. If the deal is in writing 'text' then I don't see why you couldn't take it further. Court etc for breach of contract.

    Cost v benefit though?

    Sounds like a scumbag, a deal is a deal. Threaten court and see what happens if your adamant about going further.
     
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  7. Walk away, a verbal contract is not worth the paper its written on. There is no path that will not put you out of pocket. Annoying but it's in your best interest.
     
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  8. I'm not the legal expert. Maybe someone can correct me if I'm wrong.

    There are a few conditions that an agreement must meet before it is seen as legally binding.

    It could be argued that not all the details where agreed upon (bank or deposit details where not given) so that the agreement is non-binding.
     
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  9. Forget about it. Until money changes hands a deal is not done.
     
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    • Agree Agree x 4
  10. In real estate terms you got gazzumped, no money exchanged hands so in a sense there is nowt you can do. Move on and save the stress.
     
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    • Agree Agree x 6
  11. Contracts needn't be in writing, and a promise to do something (eg to pay a sum of money) can constitute consideration. Still, with no written contract and no deposit paid, not even a fully formed promise to pay a deposit or the purchase price at a given time, it's far from certain that what you've got can establish a binding contract.

    Even if you could, what's your remedy? If he hasn't sold the bike, you could maybe sue for specific performance (ie to sell the bike to you on the agreed terms). If he's sold it to someone else, then all you can do is buy a substantially identical bike and go for however much more you had to pay. Either way, though, I can't see it being worth the cost and the effort.
     
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  12. Gazzumped is about it. You have no legal redress on the basis of those few text messages.
    This is a risk you run when you make an offer (usually low balling) and walk away giving both parties time to consider it.
    If you did the deal on the spot, well you would be riding the bike but of course it doesn't always happen like that.

    Let me ask you this..
    If, after having that SMS exchange you found an identical bike for sale elsewhere for $2000 less than the first bike, would you buy that or follow the SMS "contract" and pay $2k more??
    I'm surprised the guy is offering you anything..
     
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    • Like Like x 1
  13. Take the money
     
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  14. This right here tells you what sort of person he is. I wouldn't trust him even if he came back to you and offered you the bike now.

    It's hard to walk away from something you're emotionally invested in, but it's equally important to recognise the personal cost of that investment. So make good choices and I'm sorry to hear that this happened.
     
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    • Agree Agree x 1
  15. If he was a complete scumbag I don't know why he would have extended the olive branch to the tune of $1000. That's a lazy grand straight out of his pocket for what advantage to him?
    But even if I'm right, it's probably best not to deal with a bloke who doesn't stand by his word. You never know what else might turn out to be flaky in the buying process.

    From some Googling;
    http://www.bloomberg.com/research/stocks/private/person.asp?personId=141929845&privcapId=28941368&previousCapId=28941368&previousTitle=Adelaide%20Equity%20Partners%20Limited
    Mr. Duncan Gordon is the Founder, Co-Principal, and Executive Director at Adelaide Equity Partners Limited.

    http://adelaideequity.com.au/the-team/duncan-gordon
    Duncan Gordon
    Duncan is a founder and co-principal of Adelaide Equity Partners Limited. Duncan has extensive experience in the industrial and natural resources sectors. A qualified engineer, he has played principal roles in assisting ASX listed companies in an advisory capacity, including opportunities, Initial Public Offerings and raising debt and capital on secondary markets.

    Duncan has significant experience in the structuring and negotiation of corporate execution risk and delivering structures that maximise the potential for successful transactions.
     
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  16. Mmmm I'm hearing you! Take it as a sign...who knows what else might have gone down if you had proceeded with the sale.
    Agree with all above^^^^
    Nothing legally binding here ...best you can do is walk away (albeit with hands clenched in pockets) but make sure anyone you hear is buying a bike knows not to do business with him. That will hurt in the long run esp. when talking high end purchases.

    I reckon I lost a business well over $150 k in work through word of mouth because they had slowly screwed me over...and not in a nice way!
    Hope you find another dream machine soon ... :)
     
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  17. Here is your problem. "..IF you shoot me through some banking details..."
    He never sent through the details did he?
     
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  18. He knows how to maximise potential successful transactions. He's a player and he's done his maths. The $1k is to protect his reputation. The dollars are all that matter to him not people. Maybe it's just me, but in my book that makes him not a very nice person.
     
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    • Agree Agree x 2
  19. I know you're probably going to arc up, but I get why he did it.

    Some guy rocks after his text and offers him not only more money, but cash. At that point in time, from you he has only a promise, for less money than he wanted. So he either takes a risk for less money or goes with the certainty of more money, now.

    It's not nice, but it's the reality of doing business from adistance.
     
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    • Agree Agree x 5