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If you send an email to the owner of an item for sale, with an offer of price, is he/she obligated to sell you. Is it a contract at this point?
You don't need a written agreement to form a contract. The three elements of a contract are: offer, acceptance and consideration. If you walk into a shop and they offer a bottle of milk and you accept and pay the price, you have actually entered into a contract.
A contract does not have to be written. the written contract is just to make sure that everything is clear and documented, but even if there is no written document the contract is still legally binding as long as there is an offer from one party, acceptance from the other party and consideration (payment or benefit of some kind).
No,
Cotract is the wrriten agreement between all the parties involved.
Untill and unless both parties agress on price and sign the documents nobody is obligated to sell/buy under the contract.
