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?
found this: from http://techrepublic.com.com/5100-10878_11-1028431.html
"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?
found this: from http://techrepublic.com.com/5100-10878_11-1028431.html
"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?
