Saturday, November 16, 2013

Backing out on one's word


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,

No comments:

Post a Comment