2 Answers

Hi Eileen,

A verbal agreement does not constitute any legal contract. So you could either accept the latest offer or skip this unit entirely.

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aaronchong2774@yahoo.com.sg Read More
Hi Eileen,

1) This has something to do with the rules spelled under contract law.
2) A legal contract is only formalized when it meets 3 elements in an agreement:
(a) Offer
(b) Acceptance
(c) Consideration

3) The price put on advertisement is known as " Open for offer". This does not constitute an offer.
4) It is only the buyer who can "offer" a price. The seller has the free will to "accept" or "not to accept".
5) Seller verbal offer is still "open for offer", once you didn't put up an "offer" and "accepted" by the seller. There will not be any legal binding.
6) Finally, consideration must be present, i.e. money, which in this case the option fees.
7) Therefore unless all 3 elements are present in the correct order then there is this legally binding contract form.

8) As for your case, it is just an "open for offer". It will no longer be valid once you walk out the door.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK

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