Is Verbal Agreement Valid
When it comes to agreements, verbal contracts are a common part of our daily lives. We often make verbal agreements for various reasons, whether it`s to buy a product or service from a vendor, or to hire an employee for a job. But the question many people have is, are verbal agreements valid?
The short answer is yes, verbal agreements are valid and legally binding in many cases. However, there are some caveats to keep in mind.
The first thing to consider is whether the agreement is enforceable as a matter of law. In many cases, verbal agreements are just as valid as written agreements. However, certain types of agreements must be in writing to be enforceable. Some examples include agreements for the sale of real estate, agreements for the sale of goods over a certain dollar amount, and agreements that cannot be performed within one year.
Another factor to consider is the nature of the agreement. Was it made between friends over a casual conversation, or was it a business deal made between two parties? Verbal agreements made between friends may not hold up in court, whereas business deals with clear terms and conditions are more likely to be enforceable.
Additionally, the burden of proof falls on the person seeking to enforce the verbal agreement. This means that if one party breaches the agreement, the other party would need to prove the terms of the agreement and that both parties agreed to those terms.
So, what can you do to ensure the validity of a verbal agreement? The best course of action is to get everything in writing. Even a simple email outlining the terms of the agreement can be enough to establish proof of the agreement. It`s also a good idea to keep detailed records of any communication related to the agreement, such as emails, text messages, or recorded phone calls.
In conclusion, verbal agreements can be valid and legally binding, but it`s important to consider the type and nature of the agreement, as well as the burden of proof required to enforce it. The best way to protect yourself is to get everything in writing, even if it`s just a brief email outlining the terms of the agreement.