My sister works for a bakery that is for sale. They have accepted a verbal offer on the bakery from a third party for X dollars. My sister i...

Question

My sister works for a bakery that is for sale. They have accepted a verbal offer on the bakery from a third party for X dollars. My sister is interested in purchasing the bakery and willing to offer more. Because the sellers have accepted a verbal offer from the buyer but no money has exchanged hands and nothing has been put in writing, is the seller able to withdrawal their acceptance and allow my sister to buy it instead?

Answer

If neither party has acted in reliance on the verbal deal, either may rescind it without owing anything to the other. otherwise, your sister may have to pay some to the other buyer.