oral contract

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Oral contract

A contract not recorded on paper or on computer, but made vocally which is usually enforceable.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Oral Contract

A contract concluded by mutual agreement between the parties but is not written. In general, an oral contract is equally valid as a written one, though some contracts, such as those dealing with transfers of real estate, must be written. However, oral contracts can be more difficult to enforce in a court of law if there are no witnesses or other evidence attesting to the existence of the oral contract.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

oral contract

A verbal agreement that is enforceable unless it falls within the Statute of Frauds. The problem with most oral contracts is not one of technical enforceability; it is one of proof. Unless both parties to a dispute have a clear recollection of the exact terms of the contract, and they are both truthful, a jury will have to decide whether a contract exists and the terms of that contract.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
These types include, but are not limited to, constitutions, statutes, regulations, judicial opinions, judicial orders, oral contracts negotiated by the parties, written contracts negotiated by lawyers, and wills.
The agent who enters into an oral contract will find himself facing someone like old Sam Goldwyn telling him that there is no chance of enforcing the oral agreement.
An oral contract is subject to the basic requirements of contract law such as offer, acceptance, consideration, and sufficient specification of essential terms.
(8) Daros paid Forestal $1,458,212.35 for finger-joints which, according to Forestal, were valued at $1,857,766.06.9 Forestal filed a breach of contract claim in the Superior Court of New Jersey in April 2002 for the remaining balance due because it believed the oral contract specified the greater amount.
A home remodeling contractor who has entered into an oral contract for home remodeling, in violation of section 15 of the Home Repair and Remodeling Act (815 LLCS 513/1 et seq), may not only seek recovery under a theory of in quantum meruit but also enforce the oral contract, the Illinois Supreme Court has held.
Yet, these factors do not explain why some parties continue to use oral contracts for very large deals--those involving hundreds of thousands, if not millions of dollars.
Lower ranking firms, particularly county-level firms, choose oral contracts more often, in part because they maintain close relationships with local farms and have confidence in each other.
2001) (holding that an FSA in a written contract also applied to related oral contracts); see also Chateau des Charmes Wines Ltd.
Even if the terms of oral contracts in these areas could be proven, the courts won't enforce them.
Under the CISG, oral contracts of sale, that is, agreements made on the phone or in a meeting, are enforceable.
Second, writing requirements have been circumvented to enforce oral contracts, but only to the extent consistent with serving the goals of the writing requirement.