Hi,
A sale is not complete based on verbal commitment alone, without an act of kinyan sealing the transaction. Nonetheless, one should stick by his word; once one has set a price and agreed to a deal, it should be viewed as ethically binding, although some are lenient where market circumstances change to one's great detriment.
(Pitchei Choshen Kinyanim 1:1-3)
Have a great day,
Mordechai
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