Verbal agreements with consideration ( read money) are binding contracts for
all but real estate (and a couple other transactions I can't think of at the
moment) which must be in writing to be valid.
That's why you get a deposit- to make an oral agreement a contract. BTW, an
off-the-cuff definition of contract is; an agreement enforceable at law.
A written agreement helps when it comes time to enforce the contract and helps
the parties understand the arrangement in the first place.
Apparently Jeff's buyer figured if he weaseled out, Jeff would just refund his
money. HA!
Standard disclaimer- I am not a lawyer, nor do I play one... blah, blah, yada,
yada. YMMV.
Jeff Johnson
'76 TR6
Shane F. Ingate wrote:
> Mike,
> > This is why deposits are (IMHO) necessary. I've had several
> > cars sold out from underneath verbal commitments...
> [snip]
> > If I were a more litigious person I would have
> > nailed his nether regions to a pole.
>
> I'm not an expert at law, but I thought verbal agreements dont amount
> to very much, so I dont understand your comment "If I were a more litigious
> person I would have nailed his nether regions to a pole". At least, I dont
> understand how you could get away with it.
>
> I thought that if a deposit was accompanied by something in writing
> (one would be foolish to do otherwise) then that was some sort of
> a binding contract. I did not know that verbal agreements were
> legally binding.
>
> Could you (or some other lister) explain in lay language why you could
> take this person to court based on a verbal agreement? All of us
> on the list buy and sell cars at some stage in our lives, and we dont
> want to get caught out!
>
> Shane Ingate in San Diego
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