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Mr. Ganz was a diamond exchange worker who was offered a batch of diamonds for sale by his colleague, Mr. Fried. After inspecting the diamonds and negotiating a price, they agreed on a deal but decided to transfer the diamonds the following week due to Shabbos restrictions.
However, over the weekend, the diamond market crashed, leading Mr. Ganz to reconsider the purchase. Mr. Ganz argued that since no formal transaction had taken place, he should be allowed to retract from the verbal agreement.
Mr. Fried, on the other hand, claimed that the phrase “mazel u’bracha” used during their agreement was a binding commitment in diamond commerce and threatened to sue Mr. Ganz for breach of contract.
To resolve the dispute, they sought guidance from Rabbi Dayan, who explained the concept of “situmta” in commercial transactions and the significance of common practices like handshakes or verbal commitments in establishing binding agreements.
Rabbi Dayan concluded that in diamond commerce, the phrase “mazel u’bracha” was considered a form of “situmta” and therefore binding. As a result, Mr. Ganz was not allowed to retract from the agreement and would be subject to the consequences of breaching a contract.
Verdict: According to many rabbinic authorities, the phrase “mazel u’bracha” in diamond commerce is legally binding as a common commercial practice and must be honored as a final sale agreement.
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