Consumer Law, Warranties another verbal agreement thread...

[shuki]

I want to sell an entertainment system for say $1800. I find an interested buyer who comes over and looks at it. He says he will call within 24 hours and let me know if he wants it or now. Just a few hours pass and we agree on a price of $1700 and will make the transaction in 5 days time. 48 hours pass and I am having sellers remorse and want out of the deal and want to keep the entertainment system. What can I do?

 

[shuki]

found this:
"The types of agreements that are binding
If you said you would deliver something of value and the client agreed to compensate you for that in some way, you have an agreement, whether this took place over the phone, in person, or via an e-mail exchange. For a verbal agreement to be binding, you and the client simply need to agree on two things:

* The services you will perform
* What you will receive in exchange


Of course, certain types of agreements must be made into a written contract or neither party can be legally held to them. According to attorney Stephan Fishman's Consultant and Independent Contract Agreements (1998, Nolo Press), the following agreements must always be in writing to be valid:

* Agreements to sell tangible property, such as a computer or car, worth more than $500
* Agreements regarding the sale of real estate
* Agreements that can't realistically be completed in less than one year, such as a project with three six-month deliverables
* Agreements that someone else will pay you, such as when someone who does not have authority to speak for the company promises that the company will pay you
* Any transfer of copyright ownership


You'll notice that agreements to provide services are not in this list. The types of contracts that must be in writing differ from state to state, so if you have any doubt, check your state fraud statutes. However, consulting agreements for less than a year should be valid even if they were made orally."

this sound right that the tangible property was worth more than $500 and nothing was in writing so I am not obligated?

 

[shuki]

boy if I knew where the edit button was I would not have posted 3x

http://techrepublic.com.com/5100-10878_11-1028431.html

that is the link for the quote above...

 

[NYClex]

Well, it is not quite that easy, but this is what is meant: Normally, when you make an oral agreement to sell, this is binding. Under the Statute of Frauds and the Uniform Commercial Code any agreement to sell goods worth more than $ 500 needs to be in writing to be enforceable. That means, your agreement is valid, but unless it is evidenced by a signed writing, it cannot be enforced (there are some exceptions).

Now, this is only the general contracts law and not an answer to your specific case. You need to check your own specific state laws, any exceptions that might be applicable and if the statute of frauds could have been satisfied in some other way.