Withdrawal of purchase agreement

[Redzone]

What is the name of your state (only U.S. law)?

 

[quincy]

What is the name of your state (only U.S. law)?

What is the name of your state?

Before a purchase offer has been accepted, it can be withdrawn without penalty.

 

[latigo]

Before a purchase offer has been accepted, it can be withdrawn without penalty. (?)

Not necessarily so. It depends on the terms of the offer.

 

[FlyingRon]

Not necessarily so. It depends on the terms of the offer.

How so? Even if the offer says it's good until April 30 at Midnight, it almost always is cancelable earlier.

 

[quincy]

Not necessarily so. It depends on the terms of the offer.

Please explain, latigo.

If the purchase offer is withdrawn before the offer has been accepted, the terms of the agreement do not matter. There is no agreement.

 

[justalayman]

Please explain, latigo.

If the purchase offer is withdrawn before the offer has been accepted, the terms of the agreement do not matter. There is no agreement.

it's going to depend on how the document is written. Some offers cannot be withdrawn prior to some stated time limit. Some can. Its all in the details.

most offers are able to be rescinded but there are times when an offer is extended for a specific period of time. While it is similar to a self extinguishing offer at first glance, it is written such that the offer is available until such and such date and time rather than it extinguishing if not acted on by such and such date and time. Where the offer must be investigated and may possible cause one party to incur costs to evaluate the offer, it would not be fair to cause the party to incur the costs without some expectation the offer will remain long enough for them to evaluate it properly prior to addressing it.

 

[quincy]

it's going to depend on how the document is written. Some offers cannot be withdrawn prior to some stated time limit. Some can. Its all in the details.

most offers are able to be rescinded but there are times when an offer is extended for a specific period of time. While it is similar to a self extinguishing offer at first glance, it is written such that the offer is available until such and such date and time rather than it extinguishing if not acted on by such and such date and time. Where the offer must be investigated and may possible cause one party to incur costs to evaluate the offer, it would not be fair to cause the party to incur the costs without some expectation the offer will remain long enough for them to evaluate it properly prior to addressing it.

I can accept that.

 

[FlyingRon]

it's going to depend on how the document is written. Some offers cannot be withdrawn prior to some stated time limit. Some can. Its all in the details.

You keep saying that, but you've not offered one shred of indication how that is possible.

Just because an offer has a time limit, just means it is automatically withdrawn after the time expires. It doesn't mean the offer MUST remain valid until the time expires.
An unaccepted offer doesn't meet the definition of a contract. It by is without force and can be withdrawn.

 

[quincy]

You keep saying that, but you've not offered one shred of indication how that is possible.

Just because an offer has a time limit, just means it is automatically withdrawn after the time expires. It doesn't mean the offer MUST remain valid until the time expires.
An unaccepted offer doesn't meet the definition of a contract. It by is without force and can be withdrawn.

And, of course, that is what I really believe.

I cannot envision any agreement that can be enforced if it has not already been accepted by both parties, through their signatures or through their words or through their actions.

But I am willing to accept there is something I am missing. Perhaps a bid on a house in auction?

It would be nice if the poster returned to provide details about the purchase agreement.

 

[FlyingRon]

Both the consigned item owner (seller) and the bidders typically have individual contracts with the auctioneer which makes the activity there binding.

 

[quincy]

Both the consigned item owner (seller) and the bidders typically have individual contracts with the auctioneer which makes the activity there binding.

Okay. Well then, I cannot think of any purchase agreement that cannot be withdrawn prior to acceptance.

 

[justalayman]

Okay. Well then, I cannot think of any purchase agreement that cannot be withdrawn prior to acceptance.

Speaking of auctions;

I frequent an auction site. Once you make a bid it is binding. You cannot withdraw the bid because that is in the terms of the rules of the auction. Unless you are outbid your offer to purchase is going to be the winning bid


As I said, it's all in how everything is written.

 

[justalayman]

I'll find a more germane situation later. Work call for now.

 

[FlyingRon]

Speaking of auctions;

I frequent an auction site. Once you make a bid it is binding. You cannot withdraw the bid because that is in the terms of the rules of the auction. Unless you are outbid your offer to purchase is going to be the winning bid


As I said, it's all in how everything is written.

First off, the bid is not an offer in an auction, it's an agreement to pay if it is the high bidder. What you have is a conditional contract.

If you're talking about ebay, you're wrong about it being binding. Never seen a court case (at least in the US) that held an eBay auction to be legally binding. What you have is rules of the ebay site and the main recourse is just to kick you off the site if you don't comply.

 

[quincy]

I'll find a more germane situation later. Work call for now.

That would be nice.

As I said, I am willing to accept that there is some sort of purchase agreement somewhere that would bind the purchaser to the agreement before it has been accepted by the seller ... but I sure can't think of any.

It would also be nice if Redzone would return with details so we don't wander too far from what might be his concern.