AD requested to cancel deposit paid?

[Danny83]

Get your money back and find another ad. They may give you a diet Coke

[wiggindude]

Originally Posted by lahainabry

Verbal or written, a deposit is a contract.

Originally Posted by yippie123

Exactly what i thought.

Originally Posted by yippie123

It’s international law on contract and tort

WTF...

[Tanner]

[Devildog]

Originally Posted by lahainabry

Verbal or written, a deposit is a contract.

Originally Posted by yippie123

Exactly what i thought.

No, a deposit is a sum payable as a first instalment on the purchase of something or as a pledge for a contract, the balance being payable later.

A deposit is not, in any way shape or form, on its own a contract.

A contract may require a deposit to be paid. And what matters is the terms of that contract, nothing more, nothing less, as to whether the payment of the deposit, or the signing of the contract, or both, is binding upon the AD to supply the watch.

[texasmade]

Originally Posted by SMD

Sorry if I was too subtle. You have absolutely no clue what you are talking about when it comes to legal matters. There is no such thing as international law that applies to all contracts. If there is please point me to it. I will wait. But you will not be able to because that is not how any of this works.

You are sol so move on.

Uniform Commercial Code?

Although I don't think all countries follow the UCC and even then I don't think a deposit is going to allow the OP to end up with the watch.

[SMD]

Originally Posted by texasmade

Uniform Commercial Code?



Although I don't think all countries follow the UCC and even then I don't think a deposit is going to allow the OP to end up with the watch.

The UCC (I believe) is only US and it is slightly different from state to state. Article 2 Article 9 are pretty close across the states but every state adopts their own slightly different version of the UCC.

But this concept that there is some international legal body that passes statutes applicable to all countries is nonsense. And of course, even if such laws existed there would be no equitable remedy under the facts presented.

[yippie123]

Originally Posted by SMD

The UCC (I believe) is only US and it is slightly different from state to state. Article 2 Article 9 are pretty close across the states but every state adopts their own slightly different version of the UCC.

But this concept that there is some international legal body that passes statutes applicable to all countries is nonsense. And of course, even if such laws existed there would be no equitable remedy under the facts presented.

When something it says as “International”, it is a framework. Each country still have their own jurisdiction. as example why Interpol will still hv a member list with a few country missing and so on. Do you really need it be written in full details what it is. There is in fact a body to hv the framework done. Again ask google


Put this Rolex deposit thing aside, A deposit is offered as a consideration in exact. Even without any deposit, be it written or verbally, when someone offered and you accepted it, both of you are entering into a contract.

Let’s leave this contract discussion aside.

I’m gonna let them hold on to the deposit as long as they want just to see to what extend they can go

[SMD]

Originally Posted by yippie123

When something it says as “International”, it is a framework. Each country still have their own jurisdiction. as example why Interpol will still hv a member list with a few country missing and so on. Do you really need it be written in full details what it is. There is in fact a body to hv the framework done. Again ask google


Put this Rolex deposit thing aside, A deposit is offered as a consideration in exact. Even without any deposit, be it written or verbally, when someone offered and you accepted it, both of you are entering into a contract.

Let’s leave this contract discussion aside.

I’m gonna let them hold on to the deposit as long as they want just to see to what extend they can go

I practiced law in three countries for one of the largest law firms in the world. But thanks for the education on "international law" and the tip about google, never thought about that!

[Chadridv]

Was your deposit cash?

Local AD around my parts told me they couldn’t take CC deposits on certain models simply because the can’t guarantee their availability within a year. Since they have a fully refundable deposit policy the issue becomes the credit card company will not allow refunds after one year.

If it was a cash deposit than that is of course a different story. Do you have a legal right to something? I’m no lawyer but my guess is that they would simply say they can’t sell you something they don’t have.

[yippie123]

Originally Posted by SMD

I practiced law in three countries for one of the largest law firms in the world. But thanks for the education on "international law" and the tip about google, never thought about that!

In this case you should provide your professional knowledge rather than a criticised comment. I head a MNC with several base in the world inc one in the state and yes i have a team of law professional behind me but i dont go to them with personal related advise. Why show your cards so soon.

[Oryx]

The supply situation in Malaysia is arguably worse than the UK (prices are the same if not slightly cheaper).

I would insist on staying on the list and making sure they get you one.

[yippie123]

Originally Posted by Chadridv

Was your deposit cash?

Local AD around my parts told me they couldn’t take CC deposits on certain models simply because the can’t guarantee their availability within a year. Since they have a fully refundable deposit policy the issue becomes the credit card company will not allow refunds after one year.

If it was a cash deposit than that is of course a different story. Do you have a legal right to something? I’m no lawyer but my guess is that they would simply say they can’t sell you something they don’t have.

It's cash deposit. Guess i would know my answer just to simply say no, and let the deposit hang around their account for years and see what they gonna do with it. Its printed somewhat looks to me like an official receipt so i guess they have captured it in the book.

[danbrew]

Originally Posted by yxc145

Regarding potential Rolex price increase. I currently have deposit down on a Sky-Dweller with a AD. He gave me the heads up that if Rolex ends up having a price increase, we will have to the split the difference. Which I think is fair. It is not in his control.

No idea what's happening with the OP, but nice that he has the opportunity to get all his cash back. Maybe the AD has found a buyer at a higher price? No telling.

But for yxc145? I'd be pissed if the AD took a deposit, told me the balance due, and then passed on a price increase. Sure, that might be unfortunate for the AD, but let's not forget they got the use of your cash for probably a long time by taking that deposit. That's the risk they assume if they take a deposit. I personally would not consummate the deal if they raised the price.

[yippie123]

Originally Posted by Oryx

The supply situation in Malaysia is arguably worse than the UK (prices are the same if not slightly cheaper).

I would insist on staying on the list and making sure they get you one.

I was in London few weeks back but didnt see any, at least i can still see some incoming thread from UK AD.

Malaysia grey has plenty of stock but with hulk going at MYR47,000 (USD$11,750).

[HK Islandboy]

Take the money and run. They are telling you that they will not have the watch for a long while (meaning either that they don’t expect to get any shipments And/or you are some distance from the top of “ the list”) and in the interim you have an unsecured credit exposure to a retailer - personally I would not want to run that position .

[SevenWays]

Is it worth going to court to enforce your interpretation? There are plenty of other places that won't sell you a watch. Look for one of these that also wants to keep your money for the next year or two if you must absolutely adhere to some principle.

[texasmade]

Originally Posted by SMD

The UCC (I believe) is only US and it is slightly different from state to state. Article 2 Article 9 are pretty close across the states but every state adopts their own slightly different version of the UCC.

But this concept that there is some international legal body that passes statutes applicable to all countries is nonsense. And of course, even if such laws existed there would be no equitable remedy under the facts presented.

I always thought the British Commonwealth followed the UCC but I guess not.

[MonBK]

Originally Posted by SevenWays

Is it worth going to court to enforce your interpretation? There are plenty of other places that won't sell you a watch. Look for one of these that also wants to keep your money for the next year or two if you must absolutely adhere to some principle.

Love this.

[Andrejb]

At the local boutique they make you pay in full when ordering. I wanted to put my name on the list for BLNR and they required a full payment with no estimated timeline.


Sent from my iPhone using Tapatalk

[GolfPunk]

Originally Posted by HK Islandboy

Take the money and run. They are telling you that they will not have the watch for a long while (meaning either that they don’t expect to get any shipments And/or you are some distance from the top of “ the list”) and in the interim you have an unsecured credit exposure to a retailer - personally I would not want to run that position .

This is the best advice you will get

[rod727]

Don’t over think it......Seems to me they are telling you that the watch that you have a deposit on will not be available.......take your money and move on

[lahainabry]

Originally Posted by Devildog

No, a deposit is a sum payable as a first instalment on the purchase of something or as a pledge for a contract, the balance being payable later.

A deposit is not, in any way shape or form, on its own a contract.

A contract may require a deposit to be paid. And what matters is the terms of that contract, nothing more, nothing less, as to whether the payment of the deposit, or the signing of the contract, or both, is binding upon the AD to supply the watch.

Let me clear up my statement.
When you pay a deposit, You and the business should have agreed on several points.
1) The product or service you are buying.
2) The amount the deposit is.
3) The price you are going to pay for said item.
4) When you will receive item or service.
If a deposit has been done correctly, you are entering into a contract.
Good on them for not holding your monies and being upfront about delivery.

[RHIII]

My local AD called me after Basel and asked me if I wanted a stainless Skydweller...they wanted a (small) deposit....I passed. Glad I did ....they may have received ONE Skydweller I think with a black dial that U wouldn't have wanted anyway.

Get your deposit back and try another AD

[Ballzzz]

I never understood people like this. What can you do? The business(your ad) has chosen to refund your money. You can look at it half empty or half full. Be a big boy and move on regardless of the reason. Or you can keep your deposit there or cry and mabey you do get a watch, but believe me they will never forget how you do business. Now mabey that is the kind of thing that gets you going. I personally take that with a grain of salt and keep it moving. I can possibly get the watch elsewhere or never get it and it wasn’t meant to be. Life is much easier then you seem to be making out to be. It’s just a watch if your going to go into discovery for this I can imagine if someone was to spill cofffee on your Canali. Good luck finding the watch you want whoever has one to sell you.

[yippie123]

Originally Posted by Ballzzz

I never understood people like this. What can you do? The business(your ad) has chosen to refund your money. You can look at it half empty or half full. Be a big boy and move on regardless of the reason. Or you can keep your deposit there or cry and mabey you do get a watch, but believe me they will never forget how you do business. Now mabey that is the kind of thing that gets you going. I personally take that with a grain of salt and keep it moving. I can possibly get the watch elsewhere or never get it and it wasn’t meant to be. Life is much easier then you seem to be making out to be. It’s just a watch if your going to go into discovery for this I can imagine if someone was to spill cofffee on your Canali. Good luck finding the watch you want whoever has one to sell you.

Im not actually crying for the deposit paid nor feel anything at all. I started this thread just to get what other TRF think on this. Like i said, i can let my deposit sit there forever.

What is the purpose and reason behind it for an AD to collect deposit, nor a full payment and 6 months later requested buyer to cancel.

[Devildog]

Originally Posted by yippie123

Im not actually crying for the deposit paid nor feel anything at all. I started this thread just to get what other TRF think on this. Like i said, i can let my deposit sit there forever.

What is the purpose and reason behind it for an AD to collect deposit, nor a full payment and 6 months later requested buyer to cancel.

What did you contractually agree with the AD? Do you have anything in writing from them?

[yippie123]

Originally Posted by Devildog

What did you contractually agree with the AD? Do you have anything in writing from them?

Yes I hv official printed receipt stating the watch model, deposit paid, and balance. And I hv told them that I can wait, be it a year or two.

[VastHorizon]

Remember: a deposit is different from a downpayment.

A deposit is made by the buyer to show his/her intent to carry out the transaction in full and in good faith.
A deposit is consideration a prospective buyer gives to the seller for them to put a "hold" on an item so the rest of the purchase price arranged for or obtained.
It does not form a contract to sell.

A downpayment is partial payment to a contract.

That's why you hear the phrase "deposit that will go toward your downpayment."

[oldman2005]

Personally, I just get the refund and move on to another AD

On the hand, the AD may know the a price increase is coming and may not want to honour the current lower listing price.

[yippie123]

Originally Posted by VastHorizon

Remember: a deposit is different from a downpayment.

A deposit is made by the buyer to show his/her intent to carry out the transaction in full and in good faith.
A deposit is consideration a prospective buyer gives to the seller for them to put a "hold" on an item so the rest of the purchase price arranged for or obtained.
It does not form a contract to sell.

A downpayment is partial payment to a contract.

That's why you hear the phrase "deposit that will go toward your downpayment."

On a side note, for property purchase as an example, deposit will be burnt if the sales didn’t go through. Deposit will become a down payment eventually.

Anyway, let’s not go too far from that.