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The seller and buyer had already agreed on a price. A man is only as good as his word.
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Most gullible people who get "taken" think they are getting a good deal at the time.
Does a handshake make that OK? Is there a handshake defense against fraud? "Well, your honor, the plaintiff Mr. Dumbass said he'd sell me his house for a dollar and we SHOOK on it. Case dismissed!" Hell, no.
Fact is, all we know about the transaction is that the seller didn't have a clue. Did the buyer take advantage of that and try to get one over on the guy? Is that a good thing? Don't know for sure, but I'm disturbed most people here seem to think that's just fine.