They are not favored in the courts
Today we’re going to be discussing #9 of the ten legal issues facing entrepreneurs, “Are Oral Contracts Enforceable?” Although it’s a common misconception that oral contacts may be enforceable, there are some contracts that are governed by the “statutes of frauds.” Statutes Of Frauds have been adopted by most states and include: agreements to pay another's debts; contracts for over a certain amount of money; contracts that last longer than a party's life. These must be in writing. Please listen to this entire episode for more detail and my examples.
In summary: Reliance is huge when you’re relying on oral contacts. They are not favored in the courts.
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Kelly Bagla, Esq.
Go Legal Yourself