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Tori and scott have applied for an $8,000 installment loan to pay for a new car. they are told that the loan is approved and the lender fills out all the paperwork, which states that they will pay an annual percentage interest rate of 8.2 tori and scott signed the loan papers. the next day, they find another car dealer who will sell them the same car at the same price but with an interest rate of just 4.8%. they do not live in a state that has a cooling off period for auto loans. what are their options?

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Martebi

The only option that they have is to go ahead with the original deal because they have signed the contract already and  it is enforceable and it is their legal duty.

What are the obligations of a contract?

The obligations of any Contract is known to be the duties that every party in that contact have to carry out legally responsible.

Note that in any contact agreement, the parties are said to exchanges something of value and since Tori and Scott have signed the first or original deal, the contract  is thus enforceable and it is their legal duty.

Learn more about contract from

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