oral contract

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Oral contract

A contract not recorded on paper or on computer, but made vocally which is usually enforceable.

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.

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.

References in periodicals archive ?
More concretely, drafting a constitution is different than entering into an oral contract, and writing a judicial opinion is different still.
02/28/2013) where the Appellate Division of the New York Supreme Court refused Wysong's attempt to collect on an oral contract.
The complaint alleged the execution of an oral contract, the obligation thereby assumed, and a breach.
12) After briefing in 2008, the District Court granted Daros' motion for summary judgment, finding the oral contract to be invalid.
The McGinnises moved to dismiss, arguing that the oral contract alleged in Count II violated the Home Repair and Remodeling Act and was therefore unenforceable.
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.
Oral contracts appear to perform somewhat better than written contracts.
Oral contracts, if proven, are as valid as written contracts.
A later section of this Essay will address the decision to use a writing in the first place by considering why the parol evidence rule does not apply to oral contracts.
In most instances, oral contracts are as valid as written ones.
Many businesses have established long-term relationships with independent contractors that are not reduced to written or oral contracts.