Legal Question in Business Law in Colorado

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.


Asked on 8/01/11, 11:44 pm

1 Answer from Attorneys
Kevin B. Murphy Franchise Foundations, APC

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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Answered on 8/02/11, 7:37 am


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