5 Important Things To Know About A Verbal Agreement In Oklahoma?
Verbal agreements can be tricky, which is why some must be written agreements while others can be verbal. In some cases, certain agreements cannot be enforced.
When A Verbal Agreement Will Not Do
Real Estate Transactions are never enforced under a verbal agreement in Oklahoma. All real estate transactions must be written – that is true simply because real estate transactions are so complex.
Certain aspects of living trusts and wills must also be written out and signed. Wills are written rather than spoken because after someone dies, they can no longer assert their wishes without a written document.
What Are The Criteria For A Verbal Contract?
There are five general requirements of a verbal contract in Oklahoma. Knowing these help you identify when a contract exists and when it does not.
So long as the contractual situation does not involve a situation that requires a written contract the following will apply.
- The parties intend to exchange an item through a purchase agreement.
- There is a seller who intends to sell at an agreed-upon price
- There is a buyer who intends to buy at an agreed-upon price
- Both the buyer and seller are in agreement about the price and terms of the sale
- Both parties are serious about the intentions of the agreement and neither party is “kidding.”
For Example – I want to sell a custom-made table for $500, and you want to buy the table for $450, and I then agree to $450 as the selling price. You agree to give me $450 on December 1, 2022, and take possession of the table at that time.
We’ve spoken on the phone and you and I are both in agreement. That is a verbal contract. If you do not pay by December 1, 2022, the contract can end or legal problems can occur. If I sell the table in the meantime to someone else for $500 then you may have a case where you can legally claim damages.
When Verbal Contracts are Never Enforceable
There are situations where verbal contracts are never enforceable. If one side of the verbal contract is mentally incapable of committing to a contract then the verbal agreement is void. That is one reason why wills and last testaments must be written and include the statement, “I am of sound mind.” After the passing, someone else may prove that the person who made the agreement – in this case, written – was not of sound mind and the judge would not allow the updated will to be present. The same sort of scenario is true with situations where verbal contracts or agreements are made. If someone is not able to make a contract -verbal or written – the contract cannot be enforced in Oklahoma. If you have a contract you wish to dispute, contact our firm to see if you have a case.
Call Owens Law Office With Your Verbal Agreement Questions
Owens Law Office serves the Great State of Oklahoma and is available to discuss issues around verbal contracts, personal injury, and family law. Reach out to our team for questions about your rights under contract law.