'It is understood that Torres reached an informal understanding with Liverpool before the New England Sports Ventures (NESV) group, headed by John W Henry, took over that he would be permitted to leave at the end of this season if Liverpool had failed to qualify for the Champions League and a good offer came in. The same goes for Reina, with unconfirmed suggestions that a £20m release clause is in place.
Informal understanding means very little anyway, given that none of the people who made that informal understanding are at the club anymore.
And 'a good offer' is pretty subjective too.
Worst case scenario there is that a 'good offer' was actually defined in an 'informal understanding' between Torres and some people who aren't employed by the club anymore. All in all, pretty flimsy.
With Reina, at least there is a figure mentioned I guess. But at unconfirmed one, and its not exactly clear whether this is written into the contract or whether it is another informal understanding.
As has been said before, if they want to go they will go regardless of contracts anyway, but I have my doubts both that they want to or that they will