What are some common misunderstandings about verbal contracts?

What are some common misunderstandings about verbal contracts?

Many people believe that verbal contracts are not legally binding, but that's not always true. They can be enforceable.

So, what makes a verbal contract valid?

A verbal contract is valid if it includes an offer, acceptance, and consideration, just like a written contract.

Are there situations where verbal contracts are not enforceable?

Yes, verbal contracts may not be enforceable in certain situations, such as agreements involving real estate or those that cannot be performed within a year.

How can I protect myself when entering a verbal contract?

To protect yourself, it's best to document the agreement in writing, even if it's just an email summarizing the terms.