New Zealand Law
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If you completed the sale through the website, by accepting the offer then there is a binding contract. If there was just a discussion and a possibility that you would pick up the printer when you are ready if he still had it then may not be a binding contract. However if he wanted to bring a case against you he would have to bring a claim in the Disputes Tribunal (where lawyers cannot appear) and where he would have to prove that he lost money on the contract for sale. If he sold the printer to someone else for $40 he would not have lost any money, and therefore could not sue you. If he sold the printer to someone else for less than $40 he could see you for the difference if there was a binding contract. From what you say in your question, I am not sure that was a binding contract however
I believe from this discussion all you have got to is a proposal to view the machine but not a commitment to buy it. That is supported because he says it may be sold but may not be. So there is no completed contract.
If he brings a claim against you in the disputes Tribunal he will need to prove that he has lost money. Until he sells the machine for less than the suggested price, he hasn't lost any money. He can't claim costs against you in the disputes Tribunal either. So he is bluffing
The elements of a contract are offer and acceptance, so that is the key to forming a contract. As I see it, you havent yet reached the offer stage, let alone acceptance