Frequently Asked Questions
Can a contract be oral and still be considered legally binding?
Yes, a contract can be oral and still be considered legally binding. A contract, whether written or oral, is an agreement between individuals or legal entities where one party agrees to provide certain products or services in exchange for money or other products or services.
This agreement is enforceable by law, providing assurance to the contracting parties that their interests will be legally protected.
To create a legally enforceable contract, there must be an offer, acceptance, and exchange of consideration between the parties involved. The individual entering into the contract must have the legal capacity to do so. For example, a minor, in most cases, does not have the legal capacity to be part of a contract.
However, it's important to note that depending on the type of transaction, certain contracts may need to be written to be considered legally enforceable. This is in accordance with the Uniform Commercial Code's Statute of Frauds.
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