Seller Refuses to Return Deposit

[marcusman]

My question involves a consumer law issue in the State of: Texas
I put a $500 cash deposit on a boat from a private party at his place of work on a Wednesday. I asked if he could hold the boat till Saturday to obtain financing. If I didn't have the boat financed, I would just pay cash from my savings. He said yes.
I signed a bill of sale from an employee of the owner of a business. The bill of sale had the employees name of XYZ LLC on the form. It also said the boat was being sold "as is" with no warranties. I was fine with that. It showed the boat as a 1997 model for $9,200 and it also said non refundable deposit of $500 to hold it. (no date as to how long).
Ok, the next day (thursday) I called to let the guy know that my primary bank will not finance a boat older than 2003 but I will obtain financing at a different bank and call the next day. On Friday I called to schedule a time to get the boat and the employee of the owner said the boat was sold to someone else and they were keeping my $500.
What are my remedies and does the Deceptive Trade Practices Act apply here?
Please help...thank you.

[Mr. Knowitall]

So the issue here is that you signed a contract calling for a non-refundable deposit, with the contract explicitly stating that the boat was to be held until Saturday, but the boat was instead sold on the prior Thursday or Friday?

You can sue for your deposit in small claims court, and you could potentially make a claim for the cost of "cover" - if the amount it would cost to find an equivalent boat is higher than what you had contracted to pay, you can make a claim for the (reasonable) difference in price. If the person sold the boat for more than you were asking, that would be pretty good evidence that you would be entitled to damages for "cover".

[marcusman]

The bill of sale did not have a hold date stated. All it said was "non refundable deposit of $500 to hold it." Holding the boat till Saturday was verbal only.