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Yes, you can back out of the agreement without concern. In order to have a binding and enforceable agreement, there must be a "meeting of the minds" and a full "accord and satisfaction" of all the terms of the agreement. An agreement to buy a business involves so much more than agreeing on a price. There must be an agreement regarding due diligence of the business, closing date, closing cost allocations, representations and warranties, included and excluded assets, structure as a purchase of the entity or the assets, etc., etc. There is simply none of that in a verbal agreement and therefore there was never a binding and enforceable contract.
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