Can Oral Contract Be Binding - 1403 Words

Contracts Can an oral contract be binding? Oral contracts are consider being a legal binding contract. One of the inconsistent areas would be proving an oral contract was made. To validate an oral contract, another party should be present during the time the two parties make an oral agreement. In the court system, having the party testifying would prove the existence of a verbal contract. Why might an oral contract present difficulties? If a problems or disagreement develop, the oral contract than becomes one person’s word against the other. The problem I feel with oral contacts is that they can be difficult to prove and enforce. It the party decides not to honor its bargain, it can be stated that no agreement was ever reached or they can insist that the terms agreed-upon were never discussed. Would you enter into one? I would be reluctant to enter into an oral contract because in a written contract the terms would be clearly set. I feel it would prevent any uncertainty with those who are involved with the contract. Can you give examples of conditions precedent to a contract? Conditions precedent is an area with establishing trusts. A parent can set up a trust for his or her child, but based on the trust contract the money will not be released until the child has fulfilled the set terms. Residential real estate contracts have a condition precedent. The contract does not become binding until the property has been professional inspection. This makes sure that theShow MoreRelatedWhat is Contract Enforcement?947 Words   |  4 Pagesï » ¿Contract Enforcement Contract enforcement is often a science of semantics and close scrutiny of detail. Determining whether an agreement is truly legally binding can be complicated, especially in the various informal contexts which arise between private citizens. So is this complexity at the center of the present case scenario. This relates to a conflict between an aspirant seller and a prospective buyer of a used automobile and centers on the implications of an informal oral agreement. OneRead MoreWhen Does a Contract Become Enforceable?1292 Words   |  6 Pagesestate transaction in which you were not certain whether the parties had a binding contract? Perhaps the buyer and seller had reached an oral agreement when another buyer made an offer on the property. Maybe one of the parties got cold feet and wanted to back out of the deal even after signing the contract. To determine whether parties have an enforceable contract, you must be familiar with two basic concepts of contract law: the Statute of Frauds and the concept of acceptance. The Statute ofRead MoreQuestions On Alternative Dispute Resolution1543 Words   |  7 Pagesbreach of contract and agreed to arbitrate. ISSUE As the arbitrator, Heather, is under question that she acted appropriately during these proceedings. It is brought to court in the Fulton County Superior Court stating that the arbitrator did not follow the law and Heather s award of five thousand dollars ($5,0000.00) to the Braves for damages should not be confirmed. The arbitrator is not bound by the strict letter of the law. Under the Georgia rules of case and statutory law that is binding, willRead MoreImpact Of The Governing Policies And Regulations1447 Words   |  6 Pagesstipulation for all bidding participants, required all offers be delivered either in person or by telephone. Over the course of a few weeks CCC and ARL reach an oral agreement through their respective agents. However, approximately one week following their agreement, ARL declined the brokered terms of agreement and refused to sign the contract. American Renaissance Lines, did offer a goodwill payment to the United States Government for damages, totaling $40,309.67 which they incurred due to ARL’sRead MoreIs The Uncle / Nephew Relationship Has Any Influence On Even If Or Not There Is A Binding Agreement833 Words   |  4 PagesIs the uncle/nephew relationship has any influence on even if or not there is a binding agreement? Relevant Law To have a binding agreement with other party, offeror must offer something to the offeree and an offeree must receive the offer and it is accepted by the offeree. Any family relationship except married couple who is informally bound to fulfil his responsibilities towards his wife, have no influence on binding agreement. There should have intentions between two parties to enter into legalRead MoreLegal Problem Solving Technique Essay1740 Words   |  7 Pagesthe receipt of the new offer, she was involved in a heated argument with Barry who threatened to sue for breaching the contract if he does not get the laptop by the end of the following week. The scenario presents a situation that requires legal problem solving technique in advising Sarah on whether there was a breach of an enforceable contract. Generally, a business contract creates some obligations that are to be satisfied by individuals or businesses who entered into the agreement. From aRead MoreThe Ethics And Principles Of A Legally Binding Agreement1379 Words   |  6 Pagesfundamentals required for the development of a lawfully binding agreement: the appearance of an offer to agreement on positive terms by one person to another person and suggestion by the offered of its acceptance of those relationships. The further fundamentals traditionally required for a legally binding contract are 1. Consideration and 2. An objective to generate legal affairs. Offer and acceptance exploration is a traditional method in contract law. The offer and acceptance principle, establishedRead MoreCase Study : Robert Chuckrow Construction Company908 Words   |  4 PagesSummary of Case Robert Chuckrow Construction Company (Chuckrow) was employed as the general contractor to build a Kinney Shoe Store. Chuckrow employed Ralph Gough to perform the carpentry work on the store. The contract with Gough stipulated that he was to provide all labor, materials, tools, equipment, scaffolding, and other items necessary to complete the carpentry work. Gough’s employees erected 38 trusses at the job site. The next day, 32 of the trusses fell off the building. The reasonRead MoreStop Candy On Her Rights And Obligations1554 Words   |  7 PagesTo advise Candy on her rights and obligations, the scenario can be divided into three parts. Firstly, Candy’s agreement with Blair about the coffee beans is considered. Part 1 – Candy and Blair; the coffee beans Is there a contract? †¢ Is there an agreement? For an agreement to exist between Candy and Blair regarding the coffee beans, there must be clear offer and acceptance . An agreement may be reached from an oral exchange of statements if the offer must be clearly communicated and all terms distinctlyRead MoreHrafnkel Trial Paper990 Words   |  4 Pages An oral oath was considered to be a legally binding contract. This system was a weak attempt at avoiding bloody feuds and altercations among the common people, amidst a governing system of honor and trust. Hrafnkel, the protagonist of Hrafnkel’s Saga, demonstrated this skewed justice system by asserting himself as a Chieftain and bringing wrath upon his enemies or anybody who crossed his word. Thus, when Einar broke his oral agreement with Hrafnkel, Einar essentially broke a legally binding contract