Oral Contract (Noun)
Meaning
An agreement that is not in writing and is not signed by the parties but is a real existing contract that lacks only the formal requirement of a memorandum to render it enforceable in litigation.
Classification
Nouns denoting communicative processes and contents.
Examples
- The court ruled that the oral contract between the two parties was binding, despite the lack of a written agreement.
- The company's lawyer advised against relying on an oral contract, citing the potential difficulties in proving its terms in court.
- The parties had entered into an oral contract, but the dispute arose when one of them denied the existence of certain terms.
- The judge found that the oral contract had been breached, and awarded damages to the plaintiff accordingly.
- The business partners had an oral contract that had been in place for years, but they eventually decided to put it in writing to avoid any potential disputes.