Question
Bob signed a contract to purchase Sam's car on 1 July 2020. Bob paid a deposit of $300 with payment of the balance of the
Bob signed a contract to purchase Sam's car on 1 July 2020. Bob paid a deposit of $300 with payment of the balance of the purchase price to take place on 11 July 2020. On 8 July Bob lost his driver's licence due to accumulated loss of points.
Your task Advise Bob whether he can refuse to proceed with the purchase. If he does refuse to proceed, advise him whether he can recover the deposit.
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Horngrens Accounting
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
10th Canadian edition Volume 1
978-0134213101, 134213106, 133855376, 978-0133855371
