Is the sale contract binding immediately upon offer and acceptance?
Chapter on the Option of the Two Parties in Sale
Al-Mughni
Book of Sales
Primary text
The sale contract permits each contracting party the option to rescind the sale as long as they remain physically gathered and have not separated. This is the position held by the majority of scholars, reported from Umar, Ibn Umar, Ibn Abbas, Abu Hurairah, and Abu Barzah. This view is also held by Sa'id ibn al-Musayyib, Shurayh, Al-Sha'bi, Atā', Tawus, Al-Zuhri, Al-Awza'i, Ibn Abi Dhi'b, Al-Shafi'i, Ishaq, Abu Ubayd, and Abu Thawr. The evidence is the saying of the Prophet, peace be upon him, narrated by Ibn Umar: "If two men trade, each one has the option (to revoke) until they separate, provided they are together, or until one of them gives the other the option. If one gives the other the option, and they trade upon that condition, the sale is established. If they separate after trading, and neither has revoked the sale, the sale is established." This Hadith, which is agreed upon (Muttafaqun 'alayh), is explicit regarding the ruling.
Supporting text
Malik and the proponents of the view of Ahl al-Ra'y maintain that the contract becomes binding immediately upon offer and acceptance, and neither party has an option to revoke. They cite a narration attributed to Umar: "The sale is either a definitive transaction (safqah) or an option (khiyar)." They also argue by analogy, stating that since it is a contract of exchange, it must be binding immediately, similar to marriage and divorce.