Verbal Contracts do exist and are legally enforceable in Texas, as a matter of law, if they meet necessary legal requirements and specificity.
Adequate consideration must be given between the two parties of a verbal contract to make it binding. Adequate consideration is defined in two ways:
(1) having a mutual reciprocal exchange [bargained for exchange] or
(2) having legal value [an individual must do something that he is not legally obligated to do].
If adequate consideration is given between both parties and all other legal requirements are met, then a verbal contract may be held valid in a court of law.
Verbal contracts are also limited by the Statute of Frauds. The Statute of Frauds requires certain types of contracts to only be in writing purportedly to avoid defrauding citizens.
Do you have concerns about an oral contract in Texas?
Call us today for a consultation!
Nacol Law Firm, (972) 690-3333
Dallas Business Contract Attorneys