First, thank YOU @Bill Tatun
for finding and sharing this!!!
Second is this: "The final assembly requirement does not apply before August 16, 2022." This is troubling because it does not say anything about the income cap requirements (which should also not apply). Will need to see but makes me a bit nervous on that front.
Third is this:
"In general, a written contract is binding if it is enforceable under State law and does not limit damages to a specified amount (for example, by use of a liquidated damages provision or the forfeiture of a deposit)
. While the enforceability of a contract under State law is a facts-and-circumstances determination to be made under relevant State law, if a customer has made a significant non-refundable deposit or down payment, it is an indication of a binding contract. For tax purposes in general, a contract provision that limits damages to an amount equal to at least 5 percent of the total contract price is not treated as limiting damages to a specified amount. For example, if a customer has made a non-refundable deposit or down payment of 5 percent of the total contract price,
it is an indication of a binding contract. A contract is binding even if subject to a condition, as long as the condition is not within the control of either party. A contract will continue to be binding if the parties make insubstantial changes in its terms and conditions."
The Fisker contract says something about Liquidated Damages. Could be a fly in the ointment. The ONE reservations meet the 5% rule so they are safe. The final wording on the Fisker contract may need a bit of massaging (aren't you glad they never sent you your signed copy?).