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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3655
Experience:  Solicitors 2 years plus PQE
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I have an 'offer of sale' letter from a company signed by the

Resolved Question:

I have an 'offer of sale' letter from a company signed by the directors offering to sell me a piece of test equipment.
It states the date of sale will be 'upon receipt of full payment'
I haven't paid for it yet as they haven't provided bank details.
Is the sale legally binding on their part? I don't want them to go back on the sale but I'm worried they have another buyer interested.
(We're in Scotland if that makes a difference)
Thanks
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Alex J. :

Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you.

Alex J. :

Have you accepted their offer in writing?

Customer:

No, but just about to

Alex J. :

Is there a time limit to pay?

Customer:

not stated

Alex J. :

They have made an offer, and once you have accepted it, you have a binding contractual obligation to pay and they have one to sell.

Alex J. :

If there is no time limit to pay, it has to be assumed that payment is in a reasonable period of time.

Customer:

simple as that? Equivalent to signing missives on a house I guess?

Alex J. :

If they have another buyer and then lose the buyer because you delay in payment beyond that which is reasonable - then you may be liable for damages.

Customer:

OK, I can pay immediately but they haven't sent me bank details yet

Alex J. :

Scottish Contract Law is based on offer and acceptance. If they have made an offer to sell then they can withdraw it any time until you accept the offer.

Alex J. :

If you accept the offer and they sell to some one else you may be able to sue for damages.

Customer:

excellent - presumably 'damages' could include predicted loss of revenue from the equipment, or only what I have actually spent on the sales process?

Alex J. :

Hi, Thank you.You may be able to claim pure economic loss, if you can show that you already had specific customers lined up.

Alex J. :

You would also be able to claim your actual losses.

Alex J. :


I would go and accept the offer formally as quickly as possible.

Alex J. :

Just to check the offer does not say anywhere it is an "Invitation to Treat"?

Customer:

Thankyou, that was helpful

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