This paper tells that the united states, a verbal contract is equally enforceable as a written contract. In the present case, all the three things required to make a contract, whether verbal or written, were present. First, there was an offer where Bill agreed to buy the house from Doug…
In the present case, although the sale was agreed upon verbally, it is not enforceable for several reasons.
First, under the Statute of Frauds, it is required that contracts that cannot be completed within one year be put in writing. In this case, the two parties agreed to a down payment of $50000 and the balance of $200000 to be paid in monthly installments of $1400. Under these circumstances, it would have taken Bill more than 142 months to clear the balance. Therefore, the contract could not be completed in one year.
Secondly, the Statute of Frauds also requires that contracts involving the sale of goods whose total worth is $500 or more should be put in writing. In the present case, the total value of the house was $250000 which clearly exceeds this limit by far. ...
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(Oral Agreement: Positive and Negative Sides Essay - 37)
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