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Q:
I offered to buy my great-aunt's house. In the six months that she's been researching assisted living facilities, the value has decreased a lot. Do I honor the original deal?

A: "There's no obligation to pay more than a fair market price. Ultimately, it boils down to this: How much do you like your aunt, and how much are you willing to give her to help her out?"
— Jack Marshall, president of ProEthics

"Actually, the crucial thing is whether you had a deal in the form of a written contract or a mutual understanding. If you offered a price and she accepted in writing, that's a legal contract and you have to accept the consequences of a downturn in the real estate market, unless your great-aunt wants to let you out of your obligation." 
Anita L. Allen, professor of law and philosophy at the University of Pennsylvania Law School
From the September 2008 issue of O, The Oprah Magazine
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