warpspeed Posted January 7, 2011 Share Posted January 7, 2011 I have a question. When is a deal done ? That is, when is it that neither party can unilaterally back out. Yes I'm talking about an internet sale. Yes, about stuff sold here on BE.COM. If the buyers says I'll take it and the seller agrees to the terms, does the seller have the option of backing out if they find a local seller so they don't have to ship it or should they ask first ? Do they have option of backing out because someone offers them more money ?I think they after they agree to sell something that is to be shipped and then get a local buyer, they should ask the first buyer. I think once you agree on a dollar amount, that is it. I've had this happen and sold to the first guy even though it was more effort to ship the item. Link to comment Share on other sites More sharing options...
Flexmoney Posted January 7, 2011 Share Posted January 7, 2011 Those are terms of your deal. Do the work up front to clarify them (as part of the deal). If both buyer and seller agree on terms(which sounds like what you did)...then I'd consider that a done deal. Link to comment Share on other sites More sharing options...
EEH Posted January 7, 2011 Share Posted January 7, 2011 YOU CAN ONLY BE AS GOOD AS YOUR WORD,,WHAT'S IT WORTH,TO YOU Link to comment Share on other sites More sharing options...
twodownzero Posted January 7, 2011 Share Posted January 7, 2011 There is nothing even resembling a "deal" until there is payment, at least I'd think. Prior to that there's really no mutuality of obligation, so only one party loses something if the buyer doesn't come through. Link to comment Share on other sites More sharing options...
ima45dv8 Posted January 7, 2011 Share Posted January 7, 2011 I'm on the same track as Tim. It's done when the seller gets his money, and the buyer gets his goods. Link to comment Share on other sites More sharing options...
AlamoShooter Posted January 7, 2011 Share Posted January 7, 2011 Rite and wrong Black and wight Link to comment Share on other sites More sharing options...
Jay870 Posted January 7, 2011 Share Posted January 7, 2011 IMO a deal is "made" when both parties agree on terms. A deal is "done" when the terms of the deal come to fruition. Sounds like you "made" a deal with liar, do the deal didn't get "done". Link to comment Share on other sites More sharing options...
steel1212 Posted January 7, 2011 Share Posted January 7, 2011 I say once the buyer and seller agree on terms that they need to go through with those terms unless both parties can agree on different terms. If one party does not then you go through with the original deal. Its the internet and your only as good as your reputation on it. Now as far as when the deal is closed that would be money in hand, item in hand and both sides happy. Link to comment Share on other sites More sharing options...
cyclone336 Posted January 7, 2011 Share Posted January 7, 2011 (edited) There is nothing even resembling a "deal" until there is payment, at least I'd think. Prior to that there's really no mutuality of obligation, so only one party loses something if the buyer doesn't come through. No offense, Tim, but what are they teaching you in Iowa? CHECK YOU UCC Art. 2, Sec. 204 ( http://www.law.cornell.edu/ucc/2/article2.htm#s2-204 ) Edited January 7, 2011 by cyclone336 Link to comment Share on other sites More sharing options...
bbbean Posted January 7, 2011 Share Posted January 7, 2011 I trade commodities for a living, so this is more than an academic issue to me. IMHO, once buyer and seller agree on terms and price, both are ethically obligated to comply with the deal. Whether this agreement is legally binding depends largely on your state, but every state I trade in recognizes a verbal contract as binding, and most recognize e-mail and fax communications as written confirmation. Link to comment Share on other sites More sharing options...
al503 Posted January 7, 2011 Share Posted January 7, 2011 Besides keeping your word (and turning down a few extra bucks), you have a legally binding contract from the info you provided. Basic Elements: 1. Offer: Seller 'I have Gun for sale: $1000' 2. Acceptance: Buyer 'I'll take the Gun for $1000' 3. Consideration: Even if $ hasn't changed hands, a promise for a promise is sufficient. 4. Legality/defenses: Unless the gun is illegal to own/transfer into the buyer's state, buyer is not barred from owning the gun, etc., no issues here. Getting a better price and/or avoiding the hassle of shipping is not a valid defense. Link to comment Share on other sites More sharing options...
al503 Posted January 7, 2011 Share Posted January 7, 2011 IMO a deal is "made" when both parties agree on terms. A deal is "done" when the terms of the deal come to fruition. Sounds like you "made" a deal with liar, do the deal didn't get "done". I like Jay's explanation much better than mine. Link to comment Share on other sites More sharing options...
kaiserb Posted January 7, 2011 Share Posted January 7, 2011 There is nothing even resembling a "deal" until there is payment, at least I'd think. Prior to that there's really no mutuality of obligation, so only one party loses something if the buyer doesn't come through. Actual in contract law for there to be an agreement/contract there has to be mutual consideration, so the waiting for a payment (singular consideration from one party) for the deal to occur is not quite correct. Mutual consent is the first contract requirement to begin the process, then offer/acceptance, then exchange of mutual consideration. http://www.expertlaw...ntract_law.html The Elements of a Contract Typically, in order to be enforceable, a contract must involve the following elements: A "Meeting of the Minds" (Mutual Consent) The parties to the contract have a mutual understanding of what the contract covers. For example, in a contract for the sale of a "mustang", the buyer thinks he will obtain a car and the seller believes he is contracting to sell a horse, there is no meeting of the minds and the contract will likely be held unenforceable. Offer and Acceptance The contract involves an offer (or more than one offer) to another party, who accepts the offer. For example, in a contract for the sale of a piano, the seller may offer the piano to the buyer for $1,000.00. The buyer's acceptance of that offer is a necessary part of creating a binding contract for the sale of the piano. Please note that a counter-offer is not an acceptance, and will typically be treated as a rejection of the offer. For example, if the buyer counter-offers to purchase the piano for $800.00, that typically counts as a rejection of the original offer for sale. If the seller accepts the counter-offer, a contract may be completed. However, if the seller rejects the counter-offer, the buyer will not ordinarily be entitled to enforce the prior $1,000.00 price if the seller decides either to raise the price or to sell the piano to somebody else. Mutual Consideration (The mutual exchange of something of value) In order to be valid, the parties to a contract must exchange something of value. In the case of the sale of a piano, the buyer receives something of value in the form of the piano, and the seller receives money. While the validity of consideration may be subject to attack on the basis that it is illusory (e.g., one party receives only what the other party was already obligated to provide), or that there is a failure of consideration (e.g., the consideration received by one party is essentially worthless), these defenses will not let a party to a contract escape the consequences of bad negotiation. For example, if a seller enters into a contract to sell a piano for $100, and later gets an offer from somebody else for $1,000, the seller can't revoke the contract on the basis that the piano was worth a lot more than he bargained to receive. Link to comment Share on other sites More sharing options...
warpspeed Posted January 7, 2011 Author Share Posted January 7, 2011 Thank you for all the replies. Very helpful, at least to me. For the record, an item was offered for sale and through PM, I said "I'll take it" but item needed to be shipped.Yes, it was a gun. I offered to send cashiers check. The reply was "sounds good to me". I asked for address and then 11 hours later got "I found a local buyer intersted in the whole package . . . sorry!" I felt a little jilted so I just wanted to make sure I was not living in an alternate universe. I believe that here on BE it is a little different than some other internet boards. We have a higher standard of conduct and as a result, I guess a higher level of expectation in the character of others. I should have posted in the ad "I'll take it" but since I live in CA some people are a little leery of shipping guns here and did not want to discourage others from offering to buy just in case the seller would not ship to CA. Another lesson learned. Link to comment Share on other sites More sharing options...
The_Vigilante Posted January 7, 2011 Share Posted January 7, 2011 The seller should have kept his word. Yes, the members of this Forum (IMO) have a higher standard than others. The seller should be ashamed!!! Link to comment Share on other sites More sharing options...
ima45dv8 Posted January 7, 2011 Share Posted January 7, 2011 While not the Hate forum, this is still a little too close too home. Buyer beware. CLOSED. Link to comment Share on other sites More sharing options...
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