Can't deliver vehicle as promised

[bshaddeau]

I am selling my car and accepted an offer from a private party wishing to purchase it. The person needed to get financing for it the next day. I gave a piece of paper stating only "I Brent XXXX agree to sell (car) for $price," with my name/address. The buyer gave no money to hold the car. In the mean time I determined I was unable to sell the car (for personal reasons), and called the purchaser early the next morning to explain. Now they are threatening legal action. This piece of paper was not dated, nor signed by the buyer, nor was the buyer's name on the paper, there was no "date of action" or delivery date printed. What am I up against if they pursue legal action?

 

[Michael Wechsler]

Did they give you a deposit? Was it signed by both parties? Was the offer to be held open for a period of time? Most importantly... why did you write this down?

If you revoked your offer and the other party did not provide you with ANY consideration (this means either money or a promise of some kind in return)... then they can yell all they want because a contract requires:

1) An offer
2) An acceptance (Did they sign the paper stating they agreed to the terms?)
3) Consideration from both parties

If this was an option contract, the other party still had to agree to the terms and provide consideration. If you revoked your offer prior to their acceptance and consideration.... you could. There are exceptions to the rule, but that is the general rule.