Reference no: EM131333508
Draft a car purchase agreement using the following facts.
-The seller is John Smith, Inc., which is a small business entirely owned by John Smith. The buyer is Jane Doe, an individual.
-The car is a blue, 2015 Honda.
-It has been driven 26,000 miles
-The purchase price is $14,000.
-The seller owns the car. The car was acquired with borrowed money from Comerica Bank, but the bank has been repaid in full. Comerica Bank still appears on the car title because the seller did not have the bank's lien removed yet.
-The car has been maintained in accordance with the owner's manual and is good operating condition, normal wear and tear excepted.
-The closing will take place on the last day of the month that follows the month in which the car purchase agreement is signed.
-Between the dates when the car purchase agreement is signed and the closing, the seller will not paint the car and not drive it more than 500 miles. The seller also will garage the car and continue to maintain it.
-The buyer only has to close if the seller has performed its covenants and if the seller's representations and warranties are true on the closing date, except to the extent the agreement contemplated that specific facts might change.
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