Binding Terms on the Marketplace?
10-27-2007, 09:36 AM
#1
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Binding Terms on the Marketplace?
This was part of an email and wanted to share the details with RCU members so we are all aware, if we look anyway, what to do when completing a transaction as a seller and buyer, and how binding it is, or isn't.
I did not know I could leave a deal without completing the transaction once my offer is accepted on RCU. I thought that made it binding and a contract as it says when you finally confirm the pop up window. It says:
"Please DO NOT use this form to simply ask a question. This form is for firm offers only. If the seller accepts your offer, you have a binding agreement. This form can protect you in case of a disagreement over terms."
Then, another pop up window reconfirms you are bound to the deal with these words:
"Be sure to include ALL of the material terms of your offer. if the seller accepts your offer, YOU ARE BOUND TO HONOR IT! We will not become involved in disputes. Click OK to continue or cancel to make changes."
Please explain how I can walk away from the plane when I understood all of these years on RCU that it's 'binding'. Online the definition of binding is executed with proper legal authority; "a binding contract".
Maybe the choice to walk away from a deal, could be written in the pop ups, so everyone else understands that they can walk away if the seller was sniffing glue or something when he wrote his grossly inaccurate description? As a seller I liked the fact it said binding, because I didn't want minors or indecisive buyers second guessing later, so I kind of understood the language used to help transactions go along to the finish. But as a buyer, I felt I would have been doing something wrong walking away, and wished I could without repercussions. Instead, I figured I didn't like the plane, but I could always relist it or part it out and break even. If the plane in this case that I was stuck with was small enough to ship, and shipping being typically $80 through Greyhound, I would have really been disappointed having no recourse if the plane was any worse.
Please let us know what RCU means by binding on offers made, and what a buyer can expect when he walks away, if he can, afterwards. Thank you John.
I did not know I could leave a deal without completing the transaction once my offer is accepted on RCU. I thought that made it binding and a contract as it says when you finally confirm the pop up window. It says:
"Please DO NOT use this form to simply ask a question. This form is for firm offers only. If the seller accepts your offer, you have a binding agreement. This form can protect you in case of a disagreement over terms."
Then, another pop up window reconfirms you are bound to the deal with these words:
"Be sure to include ALL of the material terms of your offer. if the seller accepts your offer, YOU ARE BOUND TO HONOR IT! We will not become involved in disputes. Click OK to continue or cancel to make changes."
Please explain how I can walk away from the plane when I understood all of these years on RCU that it's 'binding'. Online the definition of binding is executed with proper legal authority; "a binding contract".
Maybe the choice to walk away from a deal, could be written in the pop ups, so everyone else understands that they can walk away if the seller was sniffing glue or something when he wrote his grossly inaccurate description? As a seller I liked the fact it said binding, because I didn't want minors or indecisive buyers second guessing later, so I kind of understood the language used to help transactions go along to the finish. But as a buyer, I felt I would have been doing something wrong walking away, and wished I could without repercussions. Instead, I figured I didn't like the plane, but I could always relist it or part it out and break even. If the plane in this case that I was stuck with was small enough to ship, and shipping being typically $80 through Greyhound, I would have really been disappointed having no recourse if the plane was any worse.
Please let us know what RCU means by binding on offers made, and what a buyer can expect when he walks away, if he can, afterwards. Thank you John.
10-29-2007, 09:53 PM
#2
RE: Binding Terms on the Marketplace?
If the seller does not deliver what they agreed to when they accepted your offer, you have the opertunity to either renegotiate the transaction or to walk away. The transaction once accepted is binding for both parties. If one of the parties fails to follow through with their commitments, the other cannot be held to the transaction.
