Put That Contract in Writing

Posted by: Rod Kurtz on February 28, 2006

Oral contracts can be as binding as written contracts. But without a written record, it can difficult to prove what you have agreed to. If your deal goes south, you may be endlessly chasing the truth. Make it easy on yourself and write up an agreement.

Often parties enter into agreements that are partially oral and partially written, based on a handshake and a few letters or memos that may indicate some of the aspects of the agreement without actually being contracts themselves. In this case, the “agreement” is contained partly in the oral agreement and partly in the letters and memos. Put all the information relating to your agreement in one place — a single, clear and complete written contract.

Some oral contracts are legally unenforceable. These four types of contracts, which involve a high risk of fraud, typically must be in writing by law.

To read full article at AllBusiness.com, click here

Richard D. Harroch
Legal Expert for AllBusiness.com

Reader Comments

Delonte Crosby

February 9, 2008 2:44 PM

I was wondering do you have any samples of a sports contracts in lines of football basketball and basketball and entertainment contracts for artist and companies

Post a comment

 

About

Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.

To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.

BW Mall - Sponsored Links

Buy a link now!