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- Feb 27, 2001
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- 12,169
its fifty lousy bucks? I cannot believe that a knife maker would make such a faux paux over half a C note. Man.....
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Originally posted by tom mayo
more people have gone bankrupt keeping their end of the bargain on a set price than we will ever know................
its too bad the guy doesnt have a clue!![]()
Ray Smith wrote:
If your not willing to pay the extra $100 it's your right to back out of the deal. Since you supplied the stag for the handle the maker would owe you. The way I see it now the maker owes you $50.
I disagree with definition of "legal" (no quibble on moral). The oral contract for $500 was binding at that point. The promise to pay the $500 on delivery is enough to qualify as consideration under the law in all states I believe. If you think about it, there are many other kinds of contracts in which a promise to pay is all that is given by one party, for example for monthly deliveries of supplies, for which payment is not given up front but which is billed after delivery (even water and electricity), or a loan, in which money is given by one party for the "mere" promise by the other to repay it with interest.
Originally posted by guncollector
Odulus-
You may be correct based upon the assumption that Danbo did in fact in a separate statement "promise to pay" the $500.00. But, he probably didn't. Read on.
After re-reading Danbo's original post I do not see anywhere that he affirms or conveys to the maker in a separate statement a "promise to pay". In his post I only see that a price and delivery time had been agreed-upon (and like most people I would naturally assume this acceptance implies a promise to pay). But, agreeing upon a price does not necessarily nor automatically equate to a "promise to pay"--otherwise acceptance would be part and parcel of consideration, which of course it is not.
It may be splitting hairs (but most legal analysis is just that), but a verbal statement such as, "I promise to pay..." must be made after acceptance of the terms in order to qualify as consideration--it cannot merely be implied in the buyer's acceptance of the terms. Danbo probably didn't bother making such a statement (and generally neither would I), as we all naturally work on the assumption that acceptance of the terms (delivery time and price of the knife) equates a promise to pay.
Ask yourself, how often do you actually verbalize a separate promise to pay when verbally negotiating stuff? It is usually implied in the acceptance, but that is insufficient in a court of law. A typical deal at a show would be like this:
Buyer: "That's a nice knife. I'd like to order one. How Much?"
Maker/Seller: "$600.00" [Offer]
Buyer: "How's about $500.00" [Counter-Offer]
Maker/Seller: "That's a bit low, but business is slow. So, okay $500.00" [Offer]
Buyer: "Okay, I'll agree to that. Here's my number and address." [Acceptance]
Was there promise to pay (consideration) in this typical transaction? No. And, I'd venture to guess most often there is not, as everyone works merely on the implied promise to pay.
Anyway, thanks for bringing up a fun legal point to drivel over. Makes good food for thought at the very least.
Zeng inquires:
I wonder if email would count as a binding contract?