buyers/sellers that DEFAULT on contract

There are five parts to a legally binding contract: Offer, Acceptance, Consideration, Legality and Capacity. If no money (the consideration) has changed hands, there is no contract. This is as I recall from Business Law in college many years ago. Kelly: Is this correct? Thanks, Don

I have a question about this topic. I think this just happened to me. The guy told me that if I wanted the item it was mine, so I told him I did and I sent the money to him. Well its been a little over a week since I sent the money and he has not contacted me or repied to any of my messages. He did give me his phone number, which I haven't tried yet, but was planning to shortly. I really don't know what to do, what if the number he sent me isn't really his and he's just going to keep the money. Can someone please help me?

Lee, many sellors verify funds before they will ship, including money orders which sometimes have bogus origination. Recheck your sellors payment terms (10 day hold?). There are stop payment options to checks & m.o. if you think you're in a rip off situation. I'd try emailing again, but use your return/read receipt option on your emails to verify whether the sellor is reading them or they are lost in cyberspace (or he just is on vacation/etc).

Soundsgr8tome, I'd recommend that you look through many of the older threads under misc audio or site related for a myriad of ideas over time. It should prove useful. Good luck to you -

Well done Elgordo. Consideration, as it respects contract law is always fun to try and get a grip on. I have a law book, here is what it says with respect to contract consideration:

Under a bargain theory of consideration, what is required is that the promise and the consideration be "in the relation of reciprocal conventional inducement, each for the other." In other words, consideration must both be "sought by the promisor in exchange for his promise and be given by the promisee in exchange for his promise. If so, then you have a bargain which is supported by consideration, and may be enforced, so long as the rest of the elements of a contract are found and satisfied. Good stuff, huh? May not have put it all out there just right, and in any case don't have a clue what it means.