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When selling your car, how can an offer come to an end?

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  • When selling your car, how can an offer come to an end?

    Iowa

    When selling your car, how can an offer come to an end? what is a counter offer?

    Does no response by the potential buyer after 4 days mean the offer by me is withdrawn and I am not bound?
    Or I am still bound to give that offer?

  • #2
    An offer comes to an end when it is accepted or rejected.

    A counteroffer is a response from the other party with a different amount.

    There is likely no law on the issue that binds you in any way to an offer that isn't immediately accepted.

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    • #3
      Also Radonxl if the car price was over 500 dollars it likely has to be in writing before you are bound. As an example see below:


      The Uniform Commercial Code (often called the U.C.C.) implements something called The Statute of Frauds (S.O.F.). The S.O.F. requires that certain contracts be recorded in writing in order to be enforced. The S.O.F. has been implemented to reduce and prevent fraud in contracts. The S.O.F. requires that all contracts for the sale of goods over five hundred dollars be in writing to be enforceable.

      For example, if you orally agree to buy your neighbor`s car for six hundred dollars then later decide that you no longer want to buy the car, you can do so. To be enforceable, the contract must be in writing because the sale is for six hundred dollars, an amount above the S.O.F.`s five hundred­ dollar writing requirement. On the other hand, if you orally agree to buy your neighbor`s car for three hundred dollars and later decide to back out, you may be liable to your neighbor under the contract.

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      • #4
        To be even more safe, especially if the price is below 500 dollars, just send a a note/message withdrawing the offer but welcoming a new discussion if the buyer is interested.

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        • #5
          Over $500 you are not bound to anything until the buyer puts cash in your hand. $500 or less and an oral agreement could be enforceable so be careful what you say or write.

          When I sell a car the first thing I tell a prospective buyer is that the first person who puts the cash in my hand gets the car.

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