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 ?
The Great Unwritten Contract idea only makes sense if entertaining consumers actually persuades them to buy more.
Ehrlich expands on these by proposing a new code of ethics that highlights the unwritten contract between scientists and the societies that support them.
He has broken that unwritten contract, after the Gennifer Flowers (untrue) denial, that if we elected him he would change.
This unwritten contract is laden with a powerful emotional charge, and if management violates it, employees will react accordingly: if they don't get, they won't give.
Beginning with the concept of the psychological contract the authors identify the developments to date and highlight the problems inherent in its being an implicit and unwritten contract. They argue well that it should be made more explicit and open to both reduce uncertainty in times of constant change and to build on the trust and loyalty which is perceived as important on the part of employees in an organization.
In this case, the unwritten contract in which the samurai and local elite were given control over the fruits of the peasantry's labor in return for protection and survival was no longer being fulfilled by the samurai.
A serious breach of the unspoken, unwritten contract that must exist among all well-meaning people is the abuse of a dancer's trust.
When The Register-Guard asked the UO on March 23 how Lariviere and Bellotti settled on the $2.3 million payout, a UO spokeswoman said that the two had met last July, discussed Bellotti's employment conditions and come to an oral agreement that amounted to a binding but unwritten contract, and that the payout was a fulfillment of that obligation.
Or I'll see the place obviously not being loved like we loved it - and I'll feel a certain regret, realizing the new folks have broken the unwritten contract of homeowners.
Toxic leadership, where it exists, "represents a violation of the unwritten contracts with the American people about how their sons and daughters should be treated while in service to the nation." (26)
Tinkering changes to address the issue include in-school suspension, mandatory meetings with parents (more teacher time taken from the primary purpose), and unwritten contracts between teachers and disruptive students that if the students won't disrupt, the teacher won't try to teach them.
A This situation proves that old adage that you should always "get it in writing." Although the law recognizes the validity of unwritten contracts, proving their terms and enforcing them can be troublesome.