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phone deposit query

Hi, my parents have put down a deposit for a cruise with Cunard but as they are in the property business, they can't really afford the same cruise they were planning to go on.

They booked the cruise over the phone and have not signed anything yet. Cunard are saying they can transfer the deposit to the same value cruise next year - but as the market looks unlikely to recover that quickly where they are, that isn't a good option for them.

They are happy to transfer the deposit to a lower value cruise but Cunard have said no. As they haven't signed anything, is their phone agreement binding to the terms being quoted by Cunard?

Any advice would be appreciated.

Many thanks.
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