If an offer is made to you and you accept it, make sure you can fulfill it... the offer, of course...
It is necessary to remind that the obligations stipulated in the preliminary agreements not only create purely moral commitments, but also are the source of contractual commitments.
Following her husband's departure, a "naive" lady tells her insurance broker, the "profiteer", that she wishes to invest in real estate. The "profiteer", taking advantage of this confidence, offers her a wonderful investment for the amount of $49,000, namely a vacant land near a lake. Although the original offer specifies a down payment of $1,000, the "profiteer" convinces the "naive" lady to give him a down payment of $29,000.
The "naive" lady, delaying the signing of the deed of sale, receives a letter from the "profiteer" urging her to sign it within 48 hours and stating that, if she fails to comply, the offer to purchase will be cancelled and the down payment will not be refunded.
The "naive" lady seeks redress from the Court* and requests the cancellation of the offer to purchase. The "profiteer" counters and initiates an action for specific performance. The court states that the "profiteer", before initiating his proceedings, should have had a sale contract drawn up in accordance with the provisions of the offer to purchase, signed it, and served the "naive" lady with a demand to sign it. As the "profiteer" did not fulfill these requirements, the court dismisses his claims and cancels the offer to purchase. The "profiteer", without any right to damages, is therefore compelled to return the down payment to the "naive" lady, as the offer does not provide for any provisions in case of its cancellation.
If you receive an offer and accept it, make sure you can fulfill it... the offer, of course...
*CA 500-09-004774-972
