advice needed regarding verbal agreement

[pokerpro]

Hello,

I am fairly new to this forum and I would appreciate if someone could help me out. I called a company asking if they wanted to purchase my domain names and they agreed to my asking price (low $$$$$). I told them over the phone that I agree to the terms and that I would sell them the names at a fixed price. I just received a much better offer (mid $$$$$) from another company. Am I obligated to the first company to sell the names to them or can I cancel at will? Is the verbal agreement legally binding?

Thanks

[Dave Zan]

What takes precedence, your greed or your conscience? :-D

[mark]

if you lived in texas where a man's word is still accepted in many areas as his bond or guarantee you would have to sell to the first company.

[Banned: luvkycool]

i ve learned in school that a verbal agreement is a legal agreement

[Zoobar]

Send the first buyer a reasonable deadline to make payment for the domain as agreed upon. Advise them that after this date the domain will be made available to other parties.

[draqon]

pokerpro, your verbal offer is legally binding.

[pokerpro]

thanks guys

[jberryhill]

In most places, it would depend on what, specifically, was $XXXX.

For example, Section 2-201 of the Texas Business and Commerce Code relevant to sale transactions states:

------
§ 2.201. FORMAL REQUIREMENTS; STATUTE OF
FRAUDS. (a) Except as otherwise provided in this section a
contract for the sale of goods for the price of $500 or more is not
enforceable by way of action or defense unless there is some writing
sufficient to indicate that a contract for sale has been made
between the parties and signed by the party against whom
enforcement is sought or by his authorized agent or broker.
---------

So, according to Texas law, for example, a Texan's word is his bond - up to $500. Beyond that, you'd need him to write it down.

[mark]

thanks john for adding that legal clarification of texas law but more specifically i was referring to the old code of the west (the right thing to do) which is still in place in many parts of texas regardless of the $$$$$ involved.

[jberryhill]

the right thing to do

I agree with you completely about "the right thing to do". The question used the words "legally binding". What is "right" in this situation is clear.

The law is simply a set of agreed-upon rules for last-ditch situations, and should not be confused with what is morally correct. As free moral agents, we should not expect the law to define right and wrong, and probably would not like it if we did.

[GeorgeK]

A "verbal" contract is simply a contract "in words". I think you meant an "oral" one.

Courts tend to not want to use the Statute of Frauds, though, except in the narrowest cases (e.g. land). I'd be keen to know what the "exceptions" are in Texas for the $500 limit.

http://www.expertlaw.com/library/bus...of_frauds.html

has some more info.