Can a verbal contract exist between 2?

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   As Salaam Alaikum jameean...
I would like to learn what Islam Preaches about verbal contracts between 2 people???
I'll give an example (about Mr. X and Mr. Y) to make the situation clearer:
"If Mr. X has an item that he wants to sell because he needs the money. Mr. Y hears about this and comes to an agreement with Mr. X about the price and delivery date.
Mr. X informs Mr. Y that the delivery will be done after 1 day and he needs the money immediately to settle a commitment. Mr. X then informs the party he is commited to that he will make the payment after 1 day.
The next day Mr. X goes with the item to Mr. Y and all he gets from Mr. Y is 'Sorry, but my friends convinced me not to buy this because I don't need it, therefore, I don't want to buy it from you'
Finally, Mr. X informs Mr. Y that due to his actions and his false commitment, Mr. Y has caused Mr. X to lose over $500. This loss can be avoided if Mr. Y sticks to his verbal agreement that was confirmed (and re-confirmed) a day before.

Sorry to bother you with such a long example, but I would like to know what Islam preaches about such verbal agreements, because I feel that it is unjust to be the cause of someones loss by misleading them and falsely commiting to an agreement.

Thank you for your time and I hope that you provide me with valid resources that could shed light on this matter inshallah.
As salaam alaikum.
Alrasheeds

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alrasheeds Members Profile Send Private Message Find Members Posts Add to Buddy List Starter Joined: 29 May 2005 Location: Bahrain Status: Offline Points: 3	Post Options Post Reply Quote alrasheeds Report Post Thanks(0) Quote Reply Topic: Can a verbal contract exist between 2? Posted: 29 May 2005 at 12:35pm
	As Salaam Alaikum jameean... I would like to learn what Islam Preaches about verbal contracts between 2 people??? I'll give an example (about Mr. X and Mr. Y) to make the situation clearer: "If Mr. X has an item that he wants to sell because he needs the money. Mr. Y hears about this and comes to an agreement with Mr. X about the price and delivery date. Mr. X informs Mr. Y that the delivery will be done after 1 day and he needs the money immediately to settle a commitment. Mr. X then informs the party he is commited to that he will make the payment after 1 day. The next day Mr. X goes with the item to Mr. Y and all he gets from Mr. Y is 'Sorry, but my friends convinced me not to buy this because I don't need it, therefore, I don't want to buy it from you' Finally, Mr. X informs Mr. Y that due to his actions and his false commitment, Mr. Y has caused Mr. X to lose over $500. This loss can be avoided if Mr. Y sticks to his verbal agreement that was confirmed (and re-confirmed) a day before. Sorry to bother you with such a long example, but I would like to know what Islam preaches about such verbal agreements, because I feel that it is unjust to be the cause of someones loss by misleading them and falsely commiting to an agreement. Thank you for your time and I hope that you provide me with valid resources that could shed light on this matter inshallah. As salaam alaikum. Alrasheeds

hifzmaster Members Profile Send Private Message Find Members Posts Add to Buddy List Starter Joined: 02 June 2005 Status: Offline Points: 5	Post Options Post Reply Quote hifzmaster Report Post Thanks(0) Quote Reply Posted: 02 June 2005 at 5:45pm
	salaams. A verbal commitment is valid on the following conditions. 1, that the commitment is made and witnessed 2, if the witness isa woman, it should be 2 3,if there are no witnesses avalaible, then a pledge is made to Allah to fulfil that commitment. part of a commitment is to pay for the losses if the sellor cannot process the item, changing your mind is permitted, at a cost to the buyer, and or sellor

alrasheeds Members Profile Send Private Message Find Members Posts Add to Buddy List Starter Joined: 29 May 2005 Location: Bahrain Status: Offline Points: 3	Post Options Post Reply Quote alrasheeds Report Post Thanks(0) Quote Reply Posted: 03 June 2005 at 6:59pm
	Salaam aalaikum wa rahmat allah wa barakatoh... Thank you for your response. I also did a little research and came accross a verse in the Holy Quran: ��� �� �� �� �� ��� �O you who believe fulfill your contracts...� (Al-Ma�idah: 1) Also, I got the following: The Prophet (peace and blessings be upon him) said: �Muslims are bound by their stipulations.� (Abu Dawud & Al-Hakim) By looking up the word "Stipulate" in the dictionary, I got the below meanings: - To specify or arrange in an agreement: stipulate a date of payment and a price. - To guarantee or promise (something) in an agreement. and Allah�s Messenger (peace and blessings be upon him) is reported to have said: �Muslims are bound by their conditions, unless it be a condition which turns a halal (lawful act) into haram (unlawful act) or a haram into a halal.� Thanks for your help :) Salaam aalaikum. Your brother, alrasheeds