What are the legal implications of verbal agreements?

What are the legal implications of verbal agreements?

Verbal agreements can be legally binding, but they are often harder to enforce than written contracts. It depends on the context.

What makes a verbal agreement enforceable?

For a verbal agreement to be enforceable, it typically needs to include an offer, acceptance, and consideration. However, some agreements must be in writing to be enforceable under the Statute of Frauds.

Can you give me an example of a verbal agreement?

Sure! An example would be if you agree to sell your car to a friend for $5,000 over a phone call. If both parties agree, it can be binding.

What are the risks of relying on verbal agreements?

The main risks include difficulty in proving the terms of the agreement and potential misunderstandings. It's often best to have written documentation.

How can I protect myself when making a verbal agreement?

To protect yourself, consider documenting the agreement in writing afterward, or at least follow up with an email summarizing the terms.