Verbal Contract Information
One of the most complicated problems that attorneys in contract law deal with is the verbal contract. Movie mogul Samuel Goldwyn is reported to have once said, "Verbal contracts aren't worth the paper they're printed on." Although they are notoriously difficult to regulate, state and federal laws regarding verbal contracts do exist, and can help to ensure the enforcement of a verbal contract.
If you are involved in a dispute over a verbal contract, you need to ensure that your legal rights are protected. Please contact us today for a free consultation with an experienced contract lawyer who can help you understand your legal rights and options.
Three Elements of a Verbal Contract
In order to be considered valid, a verbal contract must contain three elements: offer, acceptance, and consideration.
- Offer: The person making the offer in a verbal contract must communicate their intent to enter into a contract. A verbal contract is not considered valid if all parties do not agree to the terms of the offer. Also, verbal contracts are only valid for a specified period of time and not indefinitely.
- Acceptance: A verbal contract is not valid until the offer is accepted. The acceptance of a verbal contract occurs when the person to whom the contract is offered voluntarily indicates agreement to its terms and conditions.
- Consideration: In addition to an offer and acceptance, verbal contracts must contain consideration. This means that each side must give the other something of value for the agreement to be binding. In most verbal contracts, this is an exchange of money, such as a down payment. However, in some cases, it is not money but a promise that is exchanged.
Verbal Contract Law
Verbal contracts are a convenient and commonly used form of agreement between two parties. However, the main problem with a verbal contract is that if any problems should arise and there were no witnesses to the agreement, the case is reduced to one party's word against another's. Even if verbal contract law is followed, a verbal contract is often easily contested.
The best way to ensure that your contract will be binding is to consult with a legal professional who can help you understand the law and determine your options. If you are involved in a dispute over a verbal contract, a qualified contract lawyer can help you maximize your legal rights and interests . Please contact us today to speak with an experienced contract attorney near you.
Need Legal Help?
Call Today: (888) 803-7598
Contact us for free information or to start a free case review.