The Seller side initiates a proposal that attempts to be an Offer but fails to meet the definition of an Offer. In spite of these deficiencies their proposal demand that prospective respondents reply with a valid counter-offer. This “I want to sell to you, but before I identify myself to you, you must identify and prove yourself to me” is a non-starter. No valid Buyer will comply with such a backward out-of-sequence demand.
It is the proposing party’s responsibility to make a valid Offer. A valid Offer includes, at minimum, the full Seller identity, the full product specifications, warranties as to product quality, warranties as to clear transferable title, and the desired transaction terms and conditions. For gold held on deposit, the full product specifications must include the certificate or safekeeping receipt numbers.
Failure to Recognize Buyers’ Legal Responsibilities