What are the laws regarding verbal agreements pertaining to the trade of personal belongings?
Question Details:
I agreed to meet a guy 2.15 hours away from home to trade firearms(which is legal in my state), we worked out each of us would bring to the trade and what those items were worth. The next day I did some research and saw that his items were of lesser value than mine and later received a different offer from another person that was a closer match. I called to tell the first person that I had decided to not go ahead with the trade because I would be losing on the deal and had better offers. He is now saying we had a binding verbal legal agreement and that he can take me to court. Is this true?
Business Law Answers
I am a lawyer in CT and practice in this area of the law. A contract is enforceable where thiere is a meeting of the minds on clear and definite terms. in this case you both entered into an agreement to exchange certain items. You are now backing out of the deal becasue you are thinking that you made a bad agreement. courts will generally enforce the contract that you had becasue once you agree on definite terms and you back out, you are committing an anticipatory breach of the agreement. courts do not feel sorry for people that make bad deals. they do feel bad however, when one party is defrauding the other. there does not appear to be any fraud here. if the person does not live in your state, i would do nothing and ignore him and force the guy to sue you.
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