Am I obligated to buy gold if I made a verbal agreement on the phone but have not signed a purchase agreement?

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Am I obligated to buy gold if I made a verbal agreement on the phone but have not signed a purchase agreement?

I just made a verbal agreement (recorded) on the phone today to purchase numismatic coin. I am a retired teacher. I know little about investing and nothing about purchasing gold and silver. My family recently passed away and I have come into some money. I called the company tonight and left a message that I do not want to purchase the package we had discussed and that I’m only interested in buying silver bullion, not gold numismatic coins. The company is going to express mail me a purchase agreement tomorrow, which they expect me to return with a check for $74,000. I don’t want to buy these coins and thought that I wouldn’t be obligated to buy until I sign the purchase agreement. I’m afraid that they’re going to make me buy these coins because of the oral agreement and maybe even take me to court if I don’t. What should I do?

Asked on August 2, 2011 Colorado

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Without hearing the agreement or reading the one sent it is difficult to give any guidance on this matter.   But the best thing for you to do is to take the agreement to an attorney on a consultation basis and ask him or her to advise you on how to get out of it.  I am sure that you will be able to find some loophole and you should not panic.  The consultation fee is well worth the money.  Now, you need to go and find someone locally - and no over the phone or internet - to help you invest the money.  Ask around to fellow teachers who they use.  Then check the person out with complaints filed, etc.  Good luck.


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