Posted By:
Brian McQueen
Since nobody has posted this yet, I thought I'd go ahead. Below is the actual verbiage Ebay places on the page right before you hit the "Confirm Bid" button to bid on an item. And yes, this is a copy and paste job on my part 
I'm glad this issue seems to be close to being resolved, but to all the people who have said that Ebay purchases are not binding contracts, I would respectfully disagree.
"By clicking on the button below, you commit to buy this item from the seller if you're the winning bidder. You are agreeing to a contract -- You will enter into a legally binding contract to purchase the item from the seller if you're the winning bidder. You are responsible for reading the full item listing, including the seller's instructions and accepted payment methods. Seller assumes all responsibility for listing this item."