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Oxford Dictionary
Example: A says to B, will you buy a car for Rs. 1000000? A says to B,
I am ready to buy your car for Rs. 1000000. It is an express contract
made orally.
In general, oral contracts are just as valid as written ones, but some
jurisdictions either require a contract to be in writing in certain
circumstances (for example where real property is being conveyed), or
that a contract be evidenced in writing (although the contract itself may
be oral). An example of the latter is the requirement that a contract of
guarantee be evidenced in writing, which is found in the Statute of
Frauds.
Marriage
Sale of goods above a certain value (varies by state)
Transfer of land ownership
Contracts that cannot be fulfilled within a year
Assuming the position of executor of a will
Becoming a surety for another party’s debt.
Oral Contracts are at their best when they pertain to simple agreements,
easily memorized.
Neither party has the time to conclude the complex and vast agreement
so in some cases because of time constraint the party preferred to
conclude an oral contract.
The other party asks for an oral contract only- If one party is not
willing to have a contract written down, this is a sign that good
faith may not be on that party’s agenda..
Although it’s not advisable to conclude an oral contract even though iIf
you wish to form an oral contract, be sure that you can prove that such a
contract was made.
E-mails,
Letters,
Receipts
Thank you card, can count as evidence for your performance of oral
contract.
Chief Justice, Hidayatullah accepts the plaintiff claims saying “when the
words of acceptance are spoken into the phone so the contract was held
between the parties……..defendant is liable to pay the claimant for
breaching the oral contract concluded between the parties…………….
Samuel Goldwyn said, "An oral contract is as good as the paper it's
written on,". The vast majority of transactions among individuals and
between people and merchant companies are, in fact, the execution of
oral contracts.
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