sec.107Consideration for option

### sec.107 Consideration for option The consideration payable for an option for the purchase of a used motor vehicle under section 103 (also the non-refundable deposit ) is the amount prescribed or worked out under a regulation. If the option holder declines to enter into a contract for the purchase of the vehicle for any reason other than because the prior contract was not avoided, the amount of non-refundable deposit is forfeited by the option holder. If the option holder enters into a contract for the purchase of the vehicle, the amount of non-refundable deposit paid for the option is taken to be the non-refundable deposit for the cooling-off period. If no consideration is paid for the option— the motor dealer is taken to have waived the payment of the non-refundable deposit for the option; and the option is enforceable by the option holder against the motor dealer despite the absence of consideration. (sec.107-ssec.1) The consideration payable for an option for the purchase of a used motor vehicle under section 103 (also the non-refundable deposit ) is the amount prescribed or worked out under a regulation. (sec.107-ssec.2) If the option holder declines to enter into a contract for the purchase of the vehicle for any reason other than because the prior contract was not avoided, the amount of non-refundable deposit is forfeited by the option holder. (sec.107-ssec.3) If the option holder enters into a contract for the purchase of the vehicle, the amount of non-refundable deposit paid for the option is taken to be the non-refundable deposit for the cooling-off period. (sec.107-ssec.4) If no consideration is paid for the option— the motor dealer is taken to have waived the payment of the non-refundable deposit for the option; and the option is enforceable by the option holder against the motor dealer despite the absence of consideration. - (a) the motor dealer is taken to have waived the payment of the non-refundable deposit for the option; and - (b) the option is enforceable by the option holder against the motor dealer despite the absence of consideration.