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A purchase price becomes legally enforceable on both buyer and seller once a written order to buy has been accepted by the vendor.
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purchase price UK US noun [C] COMMERCE, FINANCE
► the amount of money that is paid for something: »
Many thought the €14 million purchase price was much too high.
»The bank asks land buyers to put down 50% of the purchase price, and pay the remainder over two years.
purchase price for/of sth »He refused to reveal the purchase price for the factory and equipment.
»Add 10% to the purchase price of a property to cover fees.
Financial and business terms. 2012.