Do I have any legal obligations and/or can they hold me responsible to purchase the car I signed a billing agreement on? Posted on July 27, 2011

I recently signed papers to purchase a used dealer Honda Civic. No money was exchanged. We agreed on price for my trade-in, how much additional money I would put down and final cost including financing and warranties. Unfortunately, I was in an accident whereby by trade was "totaled" and received compensation. I am now thinking about other options I may have and want to back out. Do I have any legal obligations and/or can they hold me responsible to purchase the car I signed a billing agreement on?

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