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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Business Law
Satisfied Customers: 17451
Experience:  B.A.; M.B.A.; J.D.
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I sold some screen printing equipment. I've changed my mind

Customer Question

I sold some screen printing equipment. I've changed my mind on selling one part of it (a dryer, a chiller and a mounting mechanism). We agreed on $21,000 for three items and then bargained for three more items that I finally included for $1,500 extra. He paid me $5000 earnest money and will pay the balance when he picks it up in a week or two (I also allowed that he could take up to two months to get it if he needed the time as he requested. We signed yesterday, Oct. 24, 2015. There's a clause that says he loses his earnest money if he backs out. There's nothing mentioned about either party recinding the contract. I would like to back out of the additional merchandise included in the contract for the extra $1,500. Can I do that legally somehow? Is there still time?
Thanks in advance!
Marc
Submitted: 1 year ago.
Category: Business Law
Customer: replied 1 year ago.
I reside in Texas if that needs to be known. He flew in from Denver, Colorado.
Expert:  Phillips Esq. replied 1 year ago.

Hello Marc: Unfortunately, you cannot do this without the consent of the other party to the contract. You have an enforceable contract. If you back out, the buyer would have a case against you for breach of contract. However, you can ask the buyer if he is willing to take the extra items off the contract. If he agrees, then you can put an Amendment to the Contract removing the extra items and removing the $1,500.00 that is associated with it. All other parts of the contract remains the same—are affirmed and ratified. The Amending document must be signed and dated by both parties to the contract.

Customer: replied 1 year ago.
I spoke with a friend who is a "new" lawyer. He's been out of school and working about three years. He intimated that it was a civil matter and I might prevail in that court, but I feel like a contract is a contract. I just thought either party had an option to back out within a certain amount of time?
Expert:  Phillips Esq. replied 1 year ago.

I have been in practice for over 16 years, licensed to practice law in two states.

I stand by my previous response to you.

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