When you're bound to hold to your "honour of words", how do you get yourself out of it? So long as the agreement is not signed in black and white, there is a powerful phrase: "I've changed my mind."
The merger deal was a time wasting effort. Along the way our necks were hold for the words we said during the preliminary discussion, before anything was actually signed. When we wanted to negotiate further, the replies were just: "You said that. We go according to what you said previously." or "You should hold to your honour of words." That ended the negotiation. None of us know to use this phrase, like a fool.
As advised by solicitor, "I've changed my mind" is a very easy way to get yourself out of it. And legally, you're not wrong to say that.
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