If someone agrees to sell a property for a said price (9 million) and takes a...
If someone agrees to sell a property for a said price (9 million) and takes a $1.00 Bill and shakes hands, can he back out on the next day?
Homework Answers
Offer: to sell the house for 9 million,
Acceptance: $1 and handshake (implied)
No, A buyer can back out only before the acceptance of the offer has been made. In our case the offer has been accepted by the buyer and he cannot back out the next day. He can be sued for damages not limited to execution of the contract.
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