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Verbal Agreements are they binding in this circumstance?

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kleptonite

Junior Member
Arizona, Glendale

Myself and my partners had an agreement with a seller to purchase his business for a set price and terms verbally. Affiliates of the business such as independent contracts were also told by the owner and us that we were going to purchase the gym the price and conditions obviously not told. We had a set date to take over and the writing of the purchase agreement was written the date was set for the signatures to take place.

Is there an Arizona verbal agreement law that states he has to sell it to us or is he able to back out of our agreement since the actual purchase agreement was not written? Similar to the threat below me but different state does Arizona even honor verbal agreements?
 


Some Random Guy

Senior Member
If this purchase of the business involves real estate then you are completely guaranteed that the verbal agreement is useless since all real estate transactions must be in writing. See arizona statute - A.R.S. §44-101.6

the date was set for the signatures to take place.
You should contact a local attorney experienced with business purchase transactions. But if you in fact agreed verbally to have a date to sign the actual purchase agreement, then no, you do not have a valid verbal contract. By putting this extra step in place of agreeing to formalize the agreement, then you have made it clear that the verbal agreement is subject to one final step before it becomes an actual binding contract.
 

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