Legal Question in Business Law in Colorado

Re: retail sales.

I doubt it. WHile I do not offer a legal opinion due to the limited facts, consider the following; unless you promised that you would sell speakers as an inducement for the friend to purchase the system (i.e if you do this Ill do that) then theres no contractual obligation. Furhter, it is unreasonable for your friend to think that the offer will stay open indefinitely. (I sure would like to buy the Les Paul guitar my buddy has at the same price I offered in 1972).

Unless there was an agreement to sell the speakers in order to induce the sale of the system, then there is no obligatoin. The inital offer was refused. Tell your friend that yo umade the best offer you could at the time, and he rejected it. tell him your willing to do the best you can now. If he sues you, I cannot imagine any judge siding with someone that thinks an offer remains open indefinitely, and that wainting a year to accept it is a reasonable approach.. Your "friend" is blowing smoke and trying to intimdate you. Review the sales agreement to be sure you did not put somthing in writing to the contrary. He cannot force you to re-purchase the used equipment. If he sues, he should only be entitled to the difference between the current speaker price and the old price, if he could prove a contractual obligation to sell at the old price, i.e presumably. It is a good lesson not to do business with "friends" or "family". Good Luck.