Two parties wrote up how they would arranger for the sale of a moveable. This agreement was notarized and signed by both parties. Including how the money would be paid and timing of the transfer of the moveable. As of yet no money has changed hands. No time was given as to when the money would be paid. Although both parties knows there is a deadline.
Reading the real estate section on purchase agreements I can see a lot of things were left out as far as being “real legal”.
Now one party wants to back out of the agreement since the other party hasn’t paid. Since the party hasn’t paid, no deposit or down payment, can the other party back out of the contract?
CHAPTER 11. NULLITY
Art. 2029. Nullity of contracts
A contract is null when the requirements for its formation have not been met.