What are the differences between verbal and written contracts?

What are the differences between verbal and written contracts?

Verbal contracts are spoken agreements, while written contracts are documented. Written contracts are generally more enforceable.

Can you give me examples of when a verbal contract might be used?

Sure! Verbal contracts are often used in informal agreements, like a handshake deal for a service or a simple agreement between friends.

What are the risks of relying on a verbal contract?

The main risks include difficulty in proving the agreement, misunderstandings, and potential disputes over terms.

Are there situations where a verbal contract is legally binding?

Yes, in some cases, verbal contracts can be legally binding, especially if there is clear evidence of the agreement and intent.