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Is the word of a person who agrees to pay a certain price for

Resolved Question:

Is the word of a person who agrees to pay a certain price for goods and this agreement is made in the presence and hearing of a third party, and then pays a 10% deposit on condition that the goods are withdrawn for sale, legally binding. They have come back to me with a reduced offer.
Submitted: 2 years ago.
Category: Law
Expert:  Ben Jones replied 2 years ago.
Ben Jones :

Hello, my name is ***** ***** it is my pleasure to assist you with your question today.

Ben Jones :

This could indeed be a legally binding agreement. A legal contract can be formed simply through the actions and deliberations of the parties involved in it. In common contract law a contract is formed when there is an offer, acceptance and consideration. In your case there was an offer to buy the goods at a specific price, this was subsequently accepted by you and you provided consideration by acting on that and withdrawing the goods from sale. Therefore, you are able to hold the other party to the original offer.

Customer:

Thank you for prompt answer. Nigel

Ben Jones :

you are most welcome

Ben Jones, UK Lawyer
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