Help with contract or claim of contract

[Mr. Optimistic]

What is the name of your state (only U.S. law)?

I live in Tennessee. A company in California told me that if I purchased a coin set from the US mint which was selling for $300 that they would pay me $380 for the set. I filled out a form on their site and that I would do it. I then bought 5 coins at $300 each (5 was the max per household). After I purchased them I saw that the same coins were selling for over $800 on ebay and other sites. I contacted the company and said I was no longer willing to sell them the coins as they were ripping me off and were not giving me fair market prices. They told me that they would sue me in Orange County California because when I clicked yes on their site the form I agreed to is bound by their user agreement with all these things such as the court being in California and waiver of jury etc etc. The user agreement was not on the page that I submitted either in fact I couldn't even find it until they emailed me a separate link to all of their fine print. I told them they did not give me any money or anything so there was no deal and I could change my mind. I told them I was willing to sell them the coins but once I realized their price I said no. I still am willing to sell them but at a fair market price to which they said no. What should I do? I don't have the ability to go to California for starters and I own no assets as I live in an apartment. I do own my car although its not worth much. Thanks in advance for any advice!

 

[Mr. Optimistic]

That's another thing. To be clear for what its worth I used my own money to purchase the coins and they said they would pay me after I mailed them to them and once they received the coins they would mail me a check. So regardless of the fact that I believe they were attempting to profit off of my lack of knowledge the deal was never put into motion because all that was said was " yes I am willing to sell you these coins". They never took a financial loss in any way or put up the money to purchase them in the first place. So after I have changed my mind after I researched them I don't see how they would have a case but I am not an attorney so I really have no clue.

 

[sandyclaus]

You entered into a contract agreement with this company. You are bound by the terms of the agreement.

If you were so concerned about the actual RETAIL price of these coins, then you should have done your homework and checked out the values BEFORE you entered into the contract. Once you agreed, you were locked in on the agreement - AND the lower price you agreed to.

Expect to be sued for the loss that the company will take for your failure to abide by your agreement. And because you ALSO agreed to it, expect to have to go to California to fight this (if you intend to fight it).

 

[justalayman]

this screams scam from the very beginning.


Why would the coins be selling for $800 on eBay if you could purchase them, from the source of manufacture, for $300 each? Since the coins are available, brand spanking new, at $300, then that is the market value of the coins.

Next question: why wouldn't this California company simply go and buy the coins directly from the US mint?

 

[sandyclaus]

this screams scam from the very beginning.


Why would the coins be selling for $800 on eBay if you could purchase them, from the source of manufacture, for $300 each? Since the coins are available, brand spanking new, at $300, then that is the market value of the coins.

Next question: why wouldn't this California company simply go and buy the coins directly from the US mint?

All excellent points.

Guess the guy is trying to figure out if his contract is binding, but even HE doesn't think it's a scam. Just doesn't agree to the terms now that he's found he can get MORE for the coins.

 

[LdiJ]

All excellent points.

Guess the guy is trying to figure out if his contract is binding, but even HE doesn't think it's a scam. Just doesn't agree to the terms now that he's found he can get MORE for the coins.

I also do not like the fact that he has to send them the coins before he gets paid. That is not standard business practise anywhere, and I would NOT do it.

 

[ZombieAppetite]

I should forward him my multiple emails from an african buisiness man

 

[Mr. Optimistic]

The coins are sold out at the mint that is why they are selling for so much more.

That was extactly my point. I never recieved compensation first and then tried to return it or anything like that. I used my own funds to buy them and just changed my mind on who I am selling them to before I was paid anything. I am not an attorney so I don't know if that means anything but I felt like the transaction had not been set in motion as nothing was exchanged and what's to say someone can't change their mind before they recieve payment?? Thanks so much for all of your help so far! I just really don't want to get into a court battle and if I do I want to make sure I don't lose as I am struggling as is to make ends meet and that is the main reason I wanted to sell it for the most money as I really need the money.

 

[Zigner]

You agreed to sell a certain item for a certain amount of money. If you don't do as you agreed, the other company can sue you for the difference between what you agreed to sell it for and what they have to pay to get the same items somewhere else. So, if it costs them $800 each because you won't sell them for $380 each, then you are on the hook for the difference ($420 each for the less mathematically inclined)

 

[FlyingRon]

Sell them for $380. Make sure you get secured funds for them before you ship them (insured) to him. It still sounds like a scam. It's near impossible for a consumer to tell when a check clears so be careful there.

 

[justalayman]

=Mr. Optimistic;2951063]The coins are sold out at the mint that is why they are selling for so much more.

then how could you buy them from the mint? Didn't they spend more time trying to find suckers, I mean business partners to purchase them from the mint than if they had just bought them themselves? Seems like they would have been able to buy a lot of them while setting you up...I mean engaging you as a partner.

 

[Mr. Optimistic]

No the coins were limited to 5 sets per household. They sold out in 5 hours. I just had my first born and the coupled with the economy (I work in real estate) I have been in some financial trouble. I needed the money so I already sold the coins for $800. I am hoping I have not made a big mistake or was correct in believing that since I put up my money and the company never took a loss in anyway I wouldn't be on the hook to owe them. Now I am not feeling so good based on some of the responses. Sigh.

I thank all you for the feedback and any more advice will be greatly appreciated.

 

[justalayman]

No the coins were limited to 5 sets per household. They sold out in 5 hours..

so, in less than 5 hours this company that you had never had dealings with before somehow contacted you and negotiated a deal for you to purchase these coins and sell them to them.


let us know if they actually take any action. I suspect this will not go anywhere.