The lawyer, conservative in me, agrees with Rapoole. See a lawyer if you don't sell to the first person. Edit: Even though purchase agreements have to be in writing, there are exceptions in some circumstances if someone changes their position in reliance on a verbal understanding.
The honor question? I am not sure that MJ and the first buyer really thought they had a firm deal. MJ listened to other offers. The first buyer raised his offer to meet the second buyer's offer. They didn't write it down. It looks as if details were not discussed. What was the plan for putting together a written agreement? Or was there one? Not enough facts to know for sure if there really was a "deal."
This is why agreements should be in writing. One or the other party might not be on the same page. If you write it down, the chance of a misunderstanding is reduced. It may not be so much a question of honor but an issue of whether there was a "meeting of the minds."
The honor question? I am not sure that MJ and the first buyer really thought they had a firm deal. MJ listened to other offers. The first buyer raised his offer to meet the second buyer's offer. They didn't write it down. It looks as if details were not discussed. What was the plan for putting together a written agreement? Or was there one? Not enough facts to know for sure if there really was a "deal."
This is why agreements should be in writing. One or the other party might not be on the same page. If you write it down, the chance of a misunderstanding is reduced. It may not be so much a question of honor but an issue of whether there was a "meeting of the minds."