Buying and Selling: Ruling on Revoking an Unregistered Agreement Due to Unfairness and Paying Agreed Compensation
Practical Laws of Islam as per the teachings of Imam Khamenei
Buying and Selling: Ruling on Revoking an Unregistered Agreement Due to Unfairness and Paying Agreed Compensation
English:
Question #1551:
Two people made a deal and committed themselves to abide by certain conditions. They wrote this on a piece of paper without official registration, undertaking that if either of them changed their minds, they should pay the other party a sum of money. Now that one of them has changed his mind, claiming unfairness, has he the right to revoke the agreement? And if so, should he comply with the condition?
Answer #1551:
Although the condition to pay a sum of money by the party who has refused completion of the sale is valid in itself and should be honoured provided that it is stipulated in the contract or the agreement based on it, this does not include such cases in which the transaction could be revoked due to unfairness.
-Imam Khamenei, Practical Laws of Islam, Importance and Conditions of Buying and Selling