Agreed Harb... not sure w/ Wabbit on a few points... not willing to let this go yet though (not quite yet).
They are not buying a contractual investment such as a home... where THE SELLER WOULD LOOSE HIS DEPOSIT over being a FLAKE like this!!! There is a difference. This is why in Real Estate it is called an "Earnest Money Agreement"... whereby you LOOSE it for flaky behavior like this case. man, this deal should not need an Escrow, Title company, formal deposit, lawyers, etc.... THE BUYER DECIDED TO SELL A CAR.
We are talking about 2 basic people who had a agreement. YOU should not need a bunch of protection clauses to protect each party... it was a "good ol boy agreement" where a deal is a deal. So: it is okay to back out with no regard to the buyer???? If you are going to be flaky, DON'T SELL. DON'T WASTE MY TIME.
The seller was "ready, willing & able" to purchase the car which WAS ON THE MARKET. Buyer did nothing wrong. He got jacked around by Mr. FLAKE who we should not just let off the hook that easy!!! If the seller is really sorry, then he should PAY THE BUYER FOR HIS LOSS.
Wabbit: you know I love ya. You my boy. Agree to disagree on this one.