Comment on What happens when you try to buy a $1M domain?
Deestan@lemmy.world 7 months agoIf you are legally adult, and agree to buy the car by entering a contract, you owe them $50k whether or not you have it and they owe you a car whether or not you can pay.
If either of you can’t hold up the agreement, them the contract is broken and you must find some middle ground that works out, frequently via the court system. Usually you would return the car and pay them for their trouble.
Contracts are usually roughly that, but there can be stipulations on payment before delivery or how contract break is handled, etc.
KISSmyOS@lemmy.world 7 months ago
A contract becomes binding after both parties agreed to it.
Going back to the example with the domain, the domain holder simply won’t agree to the sale before you can prove that you can pay.
So there is no legally binding contract, there is no sale, there are no debts or damages. You’ll just be told to fuck off.