Finally, there is no such thing as an oral offer! An oral offer is really just a test by the buyer to see what the seller will or will not accept. Make the buyer put the terms of the offer in writing as an intermediate step toward securing a legitimate offer.
What are the contents of the letter of intent? The letter of intent shall specify whether the purchaser will be buying up all or a substantial amount of the assets of the business and will, in addition, only acquire those liabilities that are part of the operations of the business subsequent to the closing date.