Oral Contract

Running head : Enforceability or Oral Contracts

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INTRODUCTION

An oral contract is a verbal agreement between two parties . In law , an oral contract is valid just like a written contract . As a popular saying goes , an oral agreement is as good as the paper in which it is written Just like a written contract , an oral one is controlled by legislation and it can be enforced if there is some breach of the contract 's conditions (Schwartz Scott , 2003 . The terms of an oral contract are

br however not easy to prove because of misunderstandings and failure to disclose details between the parties . This essay starts by analyzing the elements of a valid legal agreement which must be present for it to be enforceable by law . It then look at a case study in contract law and analyze the various aspects of oral contracts that have a direct effect on the enforceability of the agreement

ELEMENTS OF A VALID LAGAL CONTRACT

The elements necessary to form a binding contract by law as follows

Capacity to contract

For a contract to be valid , those that make the agreements must have the ability to know and understand the contract terms . This ability in law terms is called capacity . Corporations have capacity . Most adults have capacity with an exception of mentally incompetent people and those that are intoxicated at the time they make the agreement Minors on the other hand do not have capacity and therefore if they enter a contract...