Does a verbal agreement hold?

[smiley20]

Hi,

If i had agreed to selling something through phone and email and the buyer had already starting writing contracts etc. Could i still back out? Or i have to follow through since i had verbally agreed?



Thanks,
Paul

[breatheeasy17]

you cant take verbal agreements to Judge Judy just remember that.

[daniel_choo]

Need to ask three questions.

Was there offer and acceptance? Yes, clearly.

Was there an intention to create a legal relationship? There is because it is an act of commerce through an arm's length transaction.

However, was there consideration? In this case there is consideration because the buyer promised to buy the goods and the seller promised to sell the goods.

As far as I know, which is limited to the six weeks I have been studying Business Law in Uni, I think that the verbal agreement is a binding contract. Unless, if the new contract that is drawn up has different/new terms and conditions to what was originally agreeed. Then you can refuse to accept the new contract, and at the same time the old contract is destoyed. Hope this helps. Anyways, best to ask a practicing lawyer.

Daniel

[breatheeasy17]

I also just took Business Law, a verbal agreement is only a binding contract if there is proof. Ex. would be a witness that doesnt have ties to either party, or a lawyer is present.

[daniel_choo]

Can't be that hard to prove. He just admitted it. Also he communicated the agreement through e-mail.

[Scott Taylor]

Just back out of it.. I doubt he would be prepared to bring you to court with such weak evidence..

[MpyreDzirez]

you should be able to assess whether the deal was big enough to warrant someone taking you to church....selling a $10 jersey= not going to court.....selling a $30,000 japanese sword in which the guy already had third party buyer lined up= you're going to court!

If its under the cost it would take to take you to court you def. have n0thing to worry about. IMO