California Civil Code 2982.9 – In the event a buyer obligates himself to purchase, or receive …
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In the event a buyer obligates himself to purchase, or receive possession of, a motor vehicle pursuant to a contract or purchase order, and the seller knows that the buyer intends to obtain financing from a third party without the assistance of the seller, and the buyer is unable to obtain such financing, the contract or purchase order shall be deemed rescinded and all consideration thereupon shall be returned by the respective parties without demand.
(Added by Stats. 1976, Ch. 1285.)
Terms Used In California Civil Code 2982.9
- Buyer: means the person who buys or hires a motor vehicle under a conditional sale contract. See California Civil Code 2981
- Contract: A legal written agreement that becomes binding when signed.
- Motor vehicle: means a vehicle required to be registered under the Vehicle Code that is bought for use primarily for personal or family purposes, and does not mean any vehicle that is bought for use primarily for business or commercial purposes or a mobilehome, as defined in §. See California Civil Code 2981
- Purchase order: means a sales order, car reservation, statement of transaction, or any other such instrument used in the conditional sale of a motor vehicle pending execution of a conditional sale contract. See California Civil Code 2981
- Seller: means a person engaged in the business of selling or leasing motor vehicles under conditional sale contracts. See California Civil Code 2981