The verbal Agreement between Person A and B at the time of the sale was only the amount and that it would need to be a credit sale as the Buyer did not have the cash. So no agreement on terms etc was finalized. This was to be includes in the contract that the seller was asked to draw up.
So in this case now that the Buyer is not prepared to accept the sellers terms what recourse does he have?
If the credit terms were not clearly defined at the time of concluding the sale, the transaction will be considered as a corrupt transaction (Bay-e-Faasid). The transaction in this case should be reversed; the buyer will be required to return the purchased item to the seller, and the seller will be required to return any funds that he received from the buyer. Thereafter, both parties may re-negotiate and conclude a new transaction, ensuring that the credit terms are made absolutely clear this time round.
Checked and Approved By:
Mufti Muhammed Saeed Motara Saheb D.B.
Darul Ifta - Darul Uloom Azaadville - Madrasah Arabia Islamia