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Asked in CO May 19, 2022 ,  0 answers
I just made a verbal agreement (recorded) on the phone today to purchase numismatic coins from Pinnacle Gold. I am a retired teacher. I know little about investing & nothing about purchasing gold & silver. My family recently passed away & I have come into some $. I called the company tonight & left a message that I do not want to purchase the package we had discussed & that I'm only interested in buying silver bullion, not gold numismatic coins. Pinnacle is going to Fedex me a purchase agreement tomorrow, which they expect me to return w/ a check for $74,000. I don't want to buy these coins & thought that I wouldn't be obligated to buy until I sign the purchase agreement. I'm afraid that they're going to make me buy these coins because of the oral agreement & maybe even take me to court if I don't. What should I do? I'm scared.
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Business Law
Data From  LAWGURU_Question
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Anonymous
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Posted on / Aug. 02, 2011 07:37:00

As a Franchise Attorney I can say the following. Don't sign the purchase agreement. Why do you think they sent this agreement? Answer: The Statute of Frauds requires a signed writing for goods that cost more than $500. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation

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