LAW OF CONTRACT: Are Verbal Agreements Binding Before The Court?
Friday, 21 January 2022
Published in Uncategorized
Verbal contracts are also known as Parol contracts. Black’s Law Dictionary, 8th Edition, p. 323 defines “Parol Contract” as: “A contract or modification of a contract that is not in writing or is only partially in writing.” Simply put, Parol contract means “Word of mouth/ Oral contract.” The essential element of a valid contract are; Offer, Acceptance, Consideration and Intention to create legal relations. However, where an oral contract fails to satisfy one or more elements of a valid contract, such agreements will be declared void and unenforceable by the Court.
– Adedamola Oladapo.
Itís difficult to find educated people in this particular topic, however, you seem like you know what youíre talking about! Thanks