Withdraw contract?

[Justin B.]

I had an investor send me a purchase agreement that listed 45 days for the deal to be considered. Now the guy is telling me I have 24 hours to decide. Can he withdraw his purchase agreement that he signed within 24 hours if he wants to or is this a pressure tactic?

[Mark Elliott]

its a pressure tactic. a contract requires 4 elements: offer and acceptance is one, legal purpose is 2nd, competent parties is 3rd, and 4th is compensation. you have an offer and acceptance with the signing of the contract by both parties, legal purpose? well, it is legal for him to sell this house, right? if he owns it, then he can sell it. there is not law that says you can't sell what you own, so you have legal purpose here. competent parties? well, as long as you both are of sound mind, and of legal age, you have that requirement covered. and 4th, compensation. in the contract, if you have stated the amount he is selling it for and the amount you are giving for it, then you have compensation. you therefore have all elements of the contract fulfilled and you have a legal binding contract. if it is stated that you have 45 days to execute this contract, then he has no recourse to start demanding the sale commence within 24 hours. if he pulls the contract in 24 hours, you can sue for breach of contract, and believe me, i would do it.