watch_my_six
·What agreement? You wrote that your brother would arrange to come by and look at the watch in person. So there was no concluded agreement, because you surely would have had to option to withdraw (?) Why should someone have a look at the watch in person, if you had concludind a binding sales contract (written or verbally). A "letter of intent" is, by the way, worth absolutely nothing under European legislation.
If I were a seller and a buyer would tell me that someone would (might?) drop by in a week or so to have a look at a watch, I would prefer any person, who drops by and BUYS in person in the meanwhile.
P.S.: I personally have experienced several time, that a (prospective) buyer asked for my bank account details for payment of what was agreed on (!). Nothing happened though. Now I ask for Paypal payment and as long as the prospective buyer does not pay, nothing is reserved.
And to clarify more details that you are rightfully probing, there was no "might" drop by. We had already discussed the location and date and were waiting for him to confirm just the time. And it wasn't that someone dropped by in the meantime and bought it. It was that someone also made plans to drop by further into the future who he now preferred since it wouldn't involve any shipping.
And your terms that "nothing is reserved until payment is made" is totally reasonable and perhaps even ideal! But again, that's not what he said in this particular case. When I asked him point blank on the phone if he could consider the watch "on hold" pending the viewing/payment, he said "YES". If he didn't want to honor such a policy, then perhaps my only point at the end of the day is that he should have simply said "NO, that's not a policy I support".
I must not have read the full OP as I agree on a re-read it does sound open to interpretation. I wouldn’t consider someone arranging a viewing as an agreed deal.
That said, if the seller agreed to putting the watch on hold pending a viewing, that should’ve been adhered to. The seller would have been perfectly within their rights not to agree to this, but if they have, they should stick to it.
Well, the transaction in question appears to have been troubled anyway, just think about all the "terms" and "term adjustments" (what might they have been?). The seller might just as well be regarded as rather patient as long as we do not hear the other side ...
When I (European) bought my Elgin Veritas in the USA, we had a few emails back and forth (mainly with respect to the provenience, see elsewhere here), then I paid the full amount, and finally he sent the watch. That was it. No specific "terms", no prior inspections through third parties, etc.
FWIW, I've also been on the selling side where I told a prospective buyer that I had a competing offer come in while we were still finalizing our terms, at which point he told me that he thought our terms were already finalized and had his lawyer dad look at our communications and agree that we already had a legally binding contract and started talking about damages for breach of contract! So perhaps I am more sensitive to these types of issues than most!