@anarcho-andrei's analysis matches my understanding of contract law as it exists in many countries.
Early on there was perhaps an "out" that existed depending on the interpretation of the word hold in the phrase "I'll hold it for 4 weeks". However, this out was closed with the later renegotiation of a repayment schedule and then really bound when GMuxx paid the first installment (substantive performance). The time for evaluating risk is before making the agreement.
I fell afoul of this situation myself once when I was like 15/16 years old. It took some explaining to me before I understood why the customs around contracts are the way they are. Glad it happened when I was young and forgivable :)
Gotta say, seller messed up. But, he doesn't have to take my word for it. There's plenty of resources available online about contract law.
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