You have a written contract with someone. You verbally agree to amend it, but then change your mind. Now what?

Question

I have a signed, written conract with someone in the form of a commerical lease. I man have verbally agreed to amend that lease with the tennent. But the next day I had second thoughts. I might want to change my mind and not amend the lease in exactly the terms which I discussed with the tennant.

The basic gist of the proposed amendmant is to let the tennant out of the lease. I will still agree to that, but the terms which I would like to require of the tennant may be slightly different than what I might have agreed to.

So now my tennant has brought to me a document from his lawyer to ammend the lease. Its basically what we discussed. But I might now want to ask for something slightly different, such as an additional month before the lease ends.

What do you think?
Since I have verbally agreed to amend a written contract, do I now HAVE to do it? Do I have to sign the amendmant after having told the tennant that I would sign it if it contained what we verablly agreed to?

Answer 1

An honest businessman would stick to his word... you should discuss your changes with your tenant again and see how he or she feels about you amending the deal... if there is no problem, move forward with your new agreement, if not, take it in stride and try not to negotiate again without thinking it through... it's a matter of ethics... as far as the legal aspect of it, it's not in writing and as far as I know, a gentleman's agreement is not enforceable in court !

Answer 2

I dont think you have to. Whats written in the original agreement is what stands, Just ammend it how you want. You need to talk to the tennant. And really if its the tennant who is trying to break the original contract by getting out of a lease early, you can ammend a verbal agreement. Just dont sign anything you dont agree with

Answer 3

It relies upon. Does the settlement have an entire settlement clause meaning that purely what's contained interior the settlement could properly be utilized as data in courtroom? if so, whether you probably did agree then any oral data could be inadmissable and beside the point until that's in writing. Is the settlement one that must be in writing; case in point sale of things over a definite quantity (relies upon on your state), marriage, assets etc? if so, an oral contract will have no result until that's in writing. If it does not fall into between the above categories then it must be binding - it relies upon on whether it grow to be preliminary negotiations or whether it grow to be an entire contract (including an grant, acceptance, communicate of words and stipulations and replace of attention). finally whether you probably did comply with some thing verbally, it may be extremely no longer ordinary for the different individual to coach, fairly if there is already a written settlement that's opposite. i could propose speaking to the different celebration and agreeing on new words and stipulations in the event that they're ammenable. whether that's a extensive deal or you're uncertain, it may be superb to seek for criminal suggestion whether with a criminal expert who's time-honored with of the regulations on your jurisdiction.

Answer 4

You have three days, as I understand it, to back out of any lease. Leases are negotiable. You have the right to change your mind and the lease can be amended. You didn't sign and that's why the three days-time to think it all over. . .Just tell them what you want now. You have the right to change your mind, just like your tenant. . .You should probably pay the attorney's fee for amending the contract a second time tho'. . .

Answer 5

No, you don't HAVE to but you DID tell the tenant that you WOULD amend it and you AGREED verbally to the amendment details.... If you are NOT a man of your world, then what ARE you????? next time, be careful what you agree to...

Answer 6

That's a damn good question that I wish I had an answer for. I'll have to stick around and see what the others say. In the meantime, this site might help some, but I couldn't interpret it to your exact situation:

http://articles.techrepublic.com.com/5100-10878_11-1028431.html