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Enforcing oral contracts

Yes, oral contracts are enforceable. No one is required to write down their agreement (although it is recommended). People can form contracts in just about any way they see fit, including orally or even implied contract. This post will go over how you might enforce an oral contract.

For instance, an implied contract results when companies have a long-standing practice of always shipping X widget on the 15th of the month, and they always get paid on the 28th. It may have started as a traditional contract, but years later it evolved into an understanding between two close companies. Similarly, oral contracts are also enforceable.

The one glaring exception to this general rule is known as the Statute of Fraud. The Statute of Frauds imposes any contract that deals with the purchase or sale of real estate to be in writing. Yes, that means that if you engage in contract negotiations over the purchase of land or a building and you sign a written agreement that does not reflect those negotiations, the written contract controls.

There are exceptions to the Statute of Frauds. The most common example is that one of the parties acted in reliance on those oral agreements, selling your current property in anticipation of moving into the new property, is a good example.

Is your company engaged in a real estate transaction dispute? If yes, you may want to contact a lawyer for assistance. Contract disputes, especially oral contract disputes, are complex to untangle. Contract disputes can arise in a variety of situations, the most common being a fundamental misunderstanding as to the terms and definitions of the agreement. A lawyer can help you boil down the dispute to its necessary components, to enable your business to save money and move past the dispute.

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