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Encyclopedia > Oral contract

An oral contract is a contract that exists only in verbal communication, having not been written down or only partially written; in the latter case, the partially written contract lacks a memorandum. Oral contracts are just as binding as written contracts, proividing that sufficient proof of the contract exists. The statute of limitations is often shorter in regard to oral contracts than written contracts.


"An oral contract is as good as the paper it's written on."


  Results from FactBites:
 
NodeWorks - Encyclopedia: Contract (2537 words)
Contracts may be enforced by filing a civil (non-criminal) lawsuit, usually in a state court, or by petitioning a private arbitrator to decide the contract issues presented.
Contract claims (where the parties have defined their own legal relationship) are usually distinguished from tort claims (where the relationship between the parties is defined by law or custom).
A spoken contract is often called an "oral contract", not a "verbal contract." A verbal contract is simply a contract that uses words.
  More results at FactBites »

 

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