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Greendrake
Greendrake
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Greendrake
Greendrake
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Bob says to Rob: "I offer you $1,000 for this thing".

Rob replies: "I accept your offer".

From this very moment, is Bob the legal owner of the thing? Or does he need to wait for the likes ofoccurrence of payment, payment clearance or delivery before he becomes the owner?

Bob and Rob are both private individuals who do not know each other other than for this transaction. Rob is not a store, he is just a one-off seller of the only thing (which he owns). There is no written agreement.

Bob says to Rob: "I offer you $1,000 for this thing".

Rob replies: "I accept your offer".

From this very moment, is Bob the legal owner of the thing? Or does he need to wait for the likes of payment clearance or delivery before he becomes the owner?

Bob and Rob are both private individuals who do not know each other other than for this transaction. Rob is not a store, he is just a one-off seller of the only thing (which he owns). There is no written agreement.

Bob says to Rob: "I offer you $1,000 for this thing".

Rob replies: "I accept your offer".

From this very moment, is Bob the legal owner of the thing? Or does he need to wait for the occurrence of payment, payment clearance or delivery before he becomes the owner?

Bob and Rob are both private individuals who do not know each other other than for this transaction. Rob is not a store, he is just a one-off seller of the only thing (which he owns). There is no written agreement.

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Greendrake
Greendrake
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When does transfer of ownership occur in amateur sale-purchase contracts?

Bob says to Rob: "I offer you $1,000 for this thing".

Rob replies: "I accept your offer".

From this very moment, is Bob the legal owner of the thing? Or does he need to wait for the likes of payment clearance or delivery before he becomes the owner?

Bob and Rob are both private individuals who do not know each other other than for this transaction. Rob is not a store, he is just a one-off seller of the only thing (which he owns). There is no written agreement.